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Home»ALTCOIN NEWS»AAVE aims for a breakout during GHO launch. Will it succeed?
ALTCOIN NEWS

AAVE aims for a breakout during GHO launch. Will it succeed?

By Crypto FlexsOctober 23, 20243 Mins Read
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AAVE aims for a breakout during GHO launch. Will it succeed?
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  • AAVE price action shows potential but is still constrained within the rising channel towards neutral RSI levels.
  • Despite the launch of the GHO token, increasing exchange holdings and seller dominance may dampen the bullish momentum.

Aave’s (AAVE) GHO token launch garnered attention across the decentralized finance space as it raised $31.2 million and became the second-largest asset in the Chainlink CCIP.

With GHO aiming to facilitate seamless cross-chain liquidity, the big question is: Could this development trigger a price rally for Aave (AAVE), or will the market need more momentum to sustain its strong growth? It remains.

AAVE Price Action: Can the Rally Continue?

AAVE is currently trading at $151.13, down 1.55% at press time. The price remains in the middle of the Bollinger Band, indicating consolidation.

RSI is neutral at 49.29 and does not indicate overbought or oversold conditions. Therefore, AAVE shows potential for a breakout, but the price may retrace before a major bounce occurs.

AAVE Technical Analysis

Source: TradingView

The number of transactions suggests increased activity.

Interestingly, AAVE’s transaction count has slightly increased over the last 24 hours, with 1.662K transactions, up 0.84%. This increase indicates that network activity remains steady despite the slight price decline.

If this continues, it could act as a bullish catalyst for the token, especially as more users adopt the GHO token. As a result, a continued increase in trading volume may be essential to maintaining bullish sentiment.

AAVE Trading AnalysisAAVE Trading Analysis

Source: CryptoQuant

Foreign Exchange Reserves: Will Selling Pressure Increase?

Additionally, AAVE’s exchange holdings increased by 0.55%, now reaching 26,578M tokens. Higher reserves are usually a sign of increased selling pressure as more tokens are held on the exchange in preparation for liquidation.

As a result, this trend could hinder potential price appreciation. If reserves continue to grow, the risk of increased selling pressure could undermine any immediate bullish breakout.

Source: CryptoQuant

Liquidation Data: Leading the Bears?

Looking at the liquidation data, $1.27 million in short positions were liquidated, while $146,080 in long positions were liquidated. This imbalance shows that sellers currently have more control in the market.

However, if buyers begin to close the gap, especially on large exchanges like Binance, the momentum may shift in favor of higher prices.

Source: Coinglass


Read Aave (AAVE) price prediction for 2024-2025


While Aave’s GHO launch presents a promising opportunity for bullish momentum, several factors, such as rising foreign exchange reserves and short-term selling pressure, could hinder any immediate upside.

So while AAVE shows potential, market conditions will need to improve for a sustained upward breakout to occur.

Previous: BONK Price Prediction: What Could Hold for the Next 30 Days

Next: Rendering: What’s next for RNDR as bullish momentum builds?

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