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Why 68% of Top Traders Are Bullish on Aave Right Now
Aave (AAVE) has defied the market trend by rallying by a whopping 13%, as open interest soars, making it an attractive asset for investors seeking potential gains. According to the latest data from Coinglass, a staggering 68.5% of top traders on Binance have taken a long position in AAVE, indicating a profound shift in market sentiment.
The altcoin’s recent price action has formed a bullish engulfing candlestick pattern at a crucial support level of $290 and currently appears to be struggling near the resistance level of $337. If the asset closes a daily candle above $340, it could potentially soar by 25% and reach the $415 level in the near future.
It’s worth noting that AAVE’s Relative Strength Index (RSI) is currently hovering at 57, close to the overbought region, indicating sufficient room for further upward momentum. Furthermore, its trading volume has increased by a significant 15%, reflecting heightened participation from traders and investors amid this bullish outlook.
The asset’s current market behavior can be attributed to its strong on-chain metrics, including a surge in open interest and an increase in trader engagement. These developments have resulted in a robust price action that is likely to continue for the foreseeable future.
In conclusion, Aave’s recent performance has triggered a shift in sentiment among top traders, with 68% of them now holding long positions. The asset’s potential to reach the $415 level by closing above the $340 mark seems promising.
Source: ambcrypto.com
