AAVE might be ready for a short-term bullish pivot if these observations culminate
This new revelation about ETH whales meant AAVE was building up bullish demand at the time of writing. This made it one of the most interesting tokens to watch for towards mid-week, as this might trigger a resurgence of bullish demand and more volatility. But investors need to look at where AAVE was in terms of price activity to understand the potential impact.represented a slight premium from its $58.25 low in the last 24 hours.
AAVE investors may find it interesting that the coin’s address flows increased in the last 24 hours until press time. Even more noteworthy is that receiving addresses outweighed the sending addresses by almost double. In other words, there is a net higher buy pressure than sell pressure in the market.The supply distribution side of things revealed that most top addresses have not added or subtracted from their balances in the last 24 hours.
This is particularly the case for addresses holding 100,000 – 10 million AAVE. Nevertheless, there was some selling pressure from addresses in the 10,000 – 100,000 bracket.Addresses in the 100 – 10,000 range have steadily accumulated in the last two days, thus canceling out most of the selling pressure.The above observations might indicate that investors were increasing their
as of 13 December. Thus, the coin may experience more volatility in the next few days if the same trend continues. The fact that the current demand is backed by ETH whales is already good news for AAVE bulls.Subscribe to get it daily in your inbox.
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