AAVE’s Bullish Momentum: Can It Hit New All-Time Highs?

• AAVE’s price has surpassed $450, with market indicators hinting at continued bullish momentum. 
• The growing Open Interest across exchanges suggests strong investor interest.  
• In the Binance AAVE/USDT Perpetual market, the Long/Short accounts ratio stands at 2.09.

AAVE has become popular in the crypto space due to increased adoption and a surge in price. It is the native token of the Aave protocol, which is based on the Ethereum blockchain. According to CoinMarketCap, the price of the coin has surged by more than 100% in the last month and nearly 240% in the past year. Now, the coin is trading at a price of above $450, and if the current bullish momentum continues, it has the potential to overcome resistance levels and surpass its previous ATH of $666.86. 

According to Coinglass, the total AAVE’s future Open Interest is about 998.47K AAVE, worth $338.50M and a 24-hour OI Change of -4.64%. In addition, Binance leads the Open Interest with 358.24K AAVE worth $121.42M and an OI Change (24h) of -10.40%. Bybit has 217.22K AAVE with a value of $73.60M and -14.22% OI change, and OKX has 136.90K valued around $46.40M and 24-hour OI Change of -6.59%. All this indicates strong investor interest across all major exchanges, hinting at a continued bullish momentum for AAVE.

Based on the data from the Binance AAVE/USDT Perpetual market, 67.63% of accounts are holding long positions, and the remaining 32.37% are held by short positions, leading to a Long/Short accounts ratio of 2.09. This value indicates that for every short position, two long positions are being held, representing a strong bullish sentiment. 

The Aggregated Orderbook Liquidity Delta Chart for AAVE on a 1-day timeframe indicates that the Bid and the Ask price are currently equal with the liquidity at $1.83M. This equilibrium hints at a temporary standoff between buyers and sellers, representing indecision in the market. If the bids increase, it could point to a price increase, and if the asks surges, it could represent a price decline.

Related: https://cryptotale.org/aave-token-review-key-to-governance-and-defi-innovation/

AAVE is currently experiencing a bullish surge with a massive increase in price and strong market activity. The rising Open Interest and the superior long positions in the Binance AAVE/USDT Perpetual market suggest continued investor interest in the market, with the potential to create a new ATH.  

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