• AAVE breaks out of consolidation, showing strong bullish momentum and key resistance testing.
  • Technical indicators and on-chain data suggest AAVE could enter a significant upward trend.
  • Exchange netflows and investor sentiment support long-term bullish trends for AAVE’s future.

Aave (AAVE) has broken free from its consolidation phase and ascending channel, showing strong bullish signs. Despite falling 1.68% in the last 24 hours, technical indicators and on-chain data reveal positive signals. Investors and traders are watching closely to see if AAVE will enter a major upward trend.

Study $AAVE accumulation. Accelerate. https://t.co/FDXnEqp7Sz pic.twitter.com/ANtS9ARQFc

— CryptoCondom (@crypto_condom) December 8, 2024

Technical Indicators Point to Strength

AAVE currently trades at $279.53, near a key resistance level of $317. A strong move above this price could confirm a bullish trend. The Stochastic RSI stands at 79.95, showing strong bullish sentiment . However, such a high RSI could trigger a short-term pullback. Still, AAVE’s steady upward movement and recent breakouts show strong investor support.

On-chain data adds weight to this positive outlook. Network growth sits at 0.78%, showing more active users. Around 1.31% of investors are “in the money,” showing growing confidence. Concentration data reveals a slight bullish trend of -0.01%, while large transaction activity has spiked by 6.78%.

Exchange Netflows and Investor Sentiment

The exchange netflow dropped 3.35% over the past 24 hours, reaching 22.5459k. This indicates investors are moving their holdings off exchanges, a sign of long-term bullish sentiment. Many traders prefer private wallets, hoping for higher returns soon.

The long/short ratio sits at 1.1377. Long positions make up 53.22%, while short positions sit at 46.78%. The higher number of long positions shows strong bullish confidence among traders. All these factors suggest AAVE is on track for continued upward movement.

AAVE shows strength across technical analysis, on-chain trends, and exchange activity. The recent breakout and key resistance level could lead to significant bullish momentum. Investors are likely to see continued gains as market confidence grows.

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