TVL surges and whales are bullish, so could AAVE head to $500?

that much ghost The price chart has been trading within a narrow range for over two years. However, in mid-March, the price broke out of this range, reaching a high of $153 and closing at $143. Despite this increase, the price failed to maintain higher levels and fell to $80.0.

After falling to $80.0, the price started to consolidate. However, the short-term check width was broken through, increasing by 29.50%.

As of the latest update, the price was trading at $110.21, with an intraday surge of +0.57%. The market capitalization also increased by 15.52% to $2.473 billion. The 24-hour trading volume was $657.33 million, a significant increase of 149.98%.

Withdrawal from exchange to wallet, why are investors optimistic?

This transaction involves withdrawing 18,566 AAVE tokens worth $2.02 million. Binance Exchanges by whales or institutions appear positive for the AAVE cryptocurrency. Withdrawing from an exchange usually means that AAVE tokens are moved to a personal wallet for holding.

Large investments and withdrawals by institutional investors or whales often indicate confidence in AAVE’s future performance. The fact that a significant amount of AAVE has been withdrawn from major exchanges like Binance suggests that investors see long-term value in the token.

TVL surge, what does this mean?

from ghost The total value locked (TVL) of Aave, a token in the Ethereum ecosystem, increased 3% to $13.349 billion following the approval of a spot Ethereum ETF. This growth in TVL reflects increased usage and demand for AAVE, which is a bullish indicator for the token’s value. This also indicates an increase in investors’ willingness to invest.

A surge in TVL on the Defilama platform also increases liquidity, popularity, and utility, as can be seen as a factor in increasing AAVE’s credibility. This reflects that the higher the TVL, the more reliable and less risky the AAVE asset is.

Analysts predict a surge up to $500!

Crypto analyst ‘Poseidon’ tweeted that the price on The analyst also says the break could be so disruptive that it could push it up to $500.0.

Likewise, based on the analyst’s tweets, here are some observations: ghost According to the asset’s daily chart, it has surged from the $80.0 support and remains above the 50-day and 200-day EMA.

Likewise, MACD indicates a bullish crossover with AAVE’s histogram rising from 2.95 and RSI bouncing from the 14-SMA and flashing to 70.05.

Therefore, if the breakout rally significantly exceeds the $130.0 resistance, the next target for AAVE price in the near term could be to reach the above levels, such as $160.0 and $200.0.

After the ETH ETF, tokens in the Ethereum ecosystem will benefit greatly from the likes of AAVE and could go up to $500.0 in the long term, as the analyst tweeted.

Conversely, if the price plummets and does not break through the $130.0 resistance line and enters the range again, the support levels will be around $80.0 and 50.0.

summary

AAVE price broke out of a narrow trading range and reached a high of $153 before falling to $80. It soared 29.50% this week. Large institutional withdrawals from exchanges like Binance indicate confidence in AAVE’s future performance. The total value of Aave has reached $13.349 billion, and there are predictions that the price may break through to $500 if it breaks above the $130 resistance level. Conversely, if the price plummets, the support levels will be around $80.0 and 50.0.

Adarsh ​​​​Singh is a true connoisseur of Defi and blockchain technology, having left his job at a “Big 4” multinational financial company to devote himself fully to cryptocurrency and NFT trading. He has a strong background in finance with an MBA from a prestigious B-school. He delves deep into this innovative field and unravels its complexities. His specialty is finding hidden gems such as coins, tokens, and NFTs. NFTs have sparked a deep interest in him, and his creative analysis of NFTs opens up a compelling story. He is working to make decentralized digital assets accessible to the public.