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AAVE Under Pressure – Will the Altcoin Drop 18%, Reach $290?
In recent market developments, Aave (AAVE) has been experiencing a downward trend. The cryptocurrency’s daily chart has formed a bearish divergence and double-top price action pattern, indicating that a decline in prices is possible.
As of now, the majority of traders are holding short positions on AAVE, which could further contribute to a downward pressure. According to an on-chain analytics firm, Coinglass, 58.9% of top AAVE traders have opted for this strategy. This significant shift in market sentiment may be a sign that the altcoin is poised for a price decline.
As revealed by Coinglass, traders are also betting on short positions, anticipating a potential price drop. In fact, the Long/Short Ratio is now at 0.79, indicating strong bearish sentiment among traders. The ratio has not been this low since late November 2024.
According to recent data from an on-chain analytics firm, Coinglass, it appears that exchanges have witnessed a notable inflow of over $5.2 million worth of AAVE. This movement is often indicative of selling pressure, which could lead to a price decline in the altcoin.
At present, AAVE’s current price momentum suggests a potential decline by 18% and may even reach the mark of $290 in the near future.
Source: ambcrypto.com
