Aave set up for 25% rally, traders Eye $ 375

After having experienced a significant price drop in the last few days, the overall market mood seems to be recovering. In the midst of this market recovery, AAve (Aave) seems bullied and is ready for a double -digit price gain, which reflects its recent price noticed in the daily time frame.

Aave Technical Analysis and Upcoming Level

According to a professional technical analysis, Aave forms a bull pattern with a double bottom. However, the pattern is not yet complete. He gets the support of the investor, successfully formed another bottom and began to build a momentum.

Based on the recent price action, if Aave keeps above the second bottom, it could increase by 25% to reach a $ 375 neckline in the future.

On the positive side, Aaveo’s relative strength index (RSI) is 52, indicating an increase in purchasing pressure and a strong possibility that the price can increase significantly.

Metrics on the chain

With this powerful bull’s price, the participation of merchants and investors has jumped abruptly, as discovered by analytics companies on the chain Coingling and Intotheblock. The influx data/outflows show that exchanges have witnessed outflows of more than $ 3.5 million Aave Token.

However, experts consider this outflow the potential accumulation of long -term owners, because they transfer property from exchanges to their wallets.

In addition to the potential accumulation of investors, participating in the inter -date merchant has jumped abruptly in the last 24 hours. Data reveal that the open interest of AAVE (OI) jumped by 7.5%, indicating an increase in new open positions that feelings begin to change.

However, the chain metrics further revealed that most of the traders’ positions on the long side, as indicated by the ratio of the long/short Aave, which is currently 1.13. This ratio suggests that for every 1.13 long positions there is one short position, which reflects bull feelings among merchants.

Current momentum of prices

Aave is currently traded close to $ 317 and has experienced a price increase of over 10% in the last 24 hours. In addition, during the same period, his trading volume jumped by 20%, indicating increased participation of merchants and investors compared to the previous day.