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Why 68% of Top Traders Are Bullish on Aave Right Now
The cryptocurrency market is reeling from a recent downturn, with major assets like Bitcoin and Ethereum struggling to maintain their value. However, amidst this uncertainty, one token stands out as a beacon of hope: Aave (AAVE). Despite the bearish trend, AAVE has defied expectations by surging 13% in the past 24 hours, with open interest soaring.
According to recent data from Coinglass, the on-chain analytics firm, trader interest worldwide is driving this bullish momentum. The firm reports a staggering 15% increase in futures open interest over the same period, highlighting how traders are capitalizing on the current market sentiment and building new positions.
But what’s most striking about AAVE’s recent performance is the overwhelming consensus among top traders on Binance. According to Binance data, an astonishing 68.50% of traders hold long positions, while a mere 31.50% have taken short positions. This stark disparity in trader sentiment underscores the extreme optimism surrounding this asset.
Technical Analysis Provides Further Confirmation
But don’t just take our word for it – let’s dive into the technicals. Our analysts at AMBCrypto have been studying AAVE’s price action and have identified a crucial bullish engulfing candlestick pattern at the $290 support level. This, combined with the token’s recent price dip viewed as a correction, is now showing signs of a potential rebound.
If AAVE can close above the critical $340 mark, we may see a 25% surge to reach the $415 level in the near future. And given the altcoin’s recent price action and historical momentum, it seems increasingly likely that this will happen.
So, why are so many top traders bullish on Aave right now?
Source: ambcrypto.com
