According to cryptocurrency analytics firm Santiment, several Ethereum (ETH)-based native tokens for decentralized finance (DeFi) projects are showing signs of strength.
Aave (AAVE), a DeFi lending protocol, is trading at $93.89 at the time of writing and is up over 2.3% in the last 24 hours.
st tly note The top 150 non-exchange wallets by asset currently hold 9.61 million AAVE, a five-month high.
The analytics firm also noted that AAVE’s Relative Strength Index (RSI) has fallen below 40, which has historically been a “bounce zone” for the asset.
RSI is a momentum indicator widely used to determine whether an asset is overbought or oversold. The indicator is scaled from 0 to 100, with values below 30 generally considered bullish and above 70 generally considered bearish signals.
Other cryptocurrency assets include Santiment note Ethereum competitor Cardano (ADA) discovered a small wallet suddenly missing in mid-November.
“A decline in addresses below this size often signals capitulation and a potential price tipping point. Afterwards, ADA is +65%.”
ADA is trading at $0.635 at the time of this writing. The eighth-largest cryptocurrency asset by market capitalization is up nearly 8% in the last 24 hours.
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