AAVE is being actively accumulated by large holders, despite a correction in the market
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- AAVE accumulation
- AAVE Technical Analysis
According to the data provided by sentiment The on-chain analysis feed, the Aave decentralized finance protocol – which allows people to lend and borrow cryptocurrencies – grew 26% from investors and whales accumulating 70,000 tokens.
AAVE accumulation
AAVE’s price movement was similar to the performance of digital assets like Luna and Rune, as they have rallied despite tough market conditions in the recent downtrend. As data from Sentiment shows, the primary driver of the sudden increase was the accumulation of addresses ranging from $152,000 to $1.52 million.
I # come +9% in the last 24 hours and +26% in the last week. A major aspect working in the 54th largest #crypto The property’s side is the fact that the major sharks and whales collectively made 70,000 . have deposited $ come Last 2 months, worth $10.7m. https://t.co/ydOQ8mWnVt pic.twitter.com/cJmFkJwoqq
— sentiment (@santimentfeed) March 17, 2022
The above addresses added $10.7 million AAVE over the past two months, reflecting increased demand from retail investors.
AAVE Technical Analysis
According to various technical indicators such as the Relative Strength Index and Exponential Moving Average, the asset is currently in the process of a trend reversal as the AAVE price broke above the 50-day moving average.
As far as the RSI is concerned, which often reflects the current position of the asset, it is moving in a “bullish” zone above the price of 50. But moving closer to 60, the indicator is still far from the “overbought” zone, indicating that AAVE still has some room for growth if the buying power in the market continues.
Previously known as ETHLend, Aave allows users to earn interest by lending and borrowing cryptocurrencies and depositing digital assets in liquidity pools. For providing liquidity to trading pairs and swaps, users receive rewards.
The platform grew in popularity following the explosive growth of the DeFi industry, as more users redistributed their funds into more stable options such as liquidity farming and staking.