{"id":178500,"date":"2023-10-21T11:53:43","date_gmt":"2023-10-21T06:23:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178500"},"modified":"2023-10-21T11:53:43","modified_gmt":"2023-10-21T06:23:43","slug":"aave-traders-can-hope-for-more-gains-as-buying-pressure-gains-momentum-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/aave-traders-can-hope-for-more-gains-as-buying-pressure-gains-momentum-crypto-news\/","title":{"rendered":"AAVE traders can hope for more gains as buying pressure gains momentum &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>AAVE rallied strongly from the $61 support level with 10% gains over the past day.<\/em><\/li>\n<li><em>The funding rate remained positive with longs in the majority.\u00a0<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/AAVE\" data-wpel-link=\"internal\">Aave [AAVE]<\/a> pulled off a strong 10% rally from the key $61 support level. This took the altcoin to the edge of the $70 resistance level with buying pressure continuing to rise.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/aave-price-prediction\" data-wpel-link=\"internal\">Aave\u2019s [AAVE] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/aave-is-the-bullish-rally-back-on-track\/\" data-wpel-link=\"internal\">AMBCrypto<\/a> had previously predicted the possibility of AAVE going on a bullish run after buyers showed their resilience to halt the bearish retracement at $61. This analysis was validated with the recent price pump.<\/p>\n<p>Meanwhile, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> consolidated its bullish gains above $29k with the possibility of touching $30k in the coming days.<\/p>\n<h4><strong>Can bulls flip the $70 resistance?<\/strong><\/h4>\n<div id=\"attachment_352399\" style=\"width: 1883px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352399\" class=\"size-full wp-image-352399\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVEUSDT_2023-10-20_10-54-38.png\" alt=\"AAVE price chart - 12H\" width=\"1873\" height=\"1052\" \/><\/p>\n<p id=\"caption-attachment-352399\" class=\"wp-caption-text\">Source: AAVE\/USDT on Trading View<\/p>\n<\/div>\n<p>The Relative Strength Index\u2019s (RSI) reading of 68 highlighted the significant buying pressure on the 12H timeframe. This hinted at a continuation of the bullish advance toward the critical resistance level.<\/p>\n<p>Likewise, the On Balance Volume (OBV) registered an uptick to signal that more buyers were looking to ride the bullish momentum.<\/p>\n<p>Despite the bullish momentum, the $70 resistance level has proven a tough hurdle for buyers. Price was rejected twice at the level on 2 October and 5 October. However, buyers will be confident that the bullish market conditions could result in more gains.<\/p>\n<p>If bulls are successful in flipping the resistance, additional gains can be found at $75 to $80. Yet, another price rejection at the resistance level could keep AAVE stuck in a range between $61 and $70.<\/p>\n<h4><strong>Shorts wrecked by price pump<\/strong><\/h4>\n<div id=\"attachment_352400\" style=\"width: 896px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352400\" class=\"size-full wp-image-352400\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"886\" height=\"495\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVE_Liquidation.jpg 886w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVE_Liquidation-300x168.jpg 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVE_Liquidation-768x429.jpg 768w\" data-lazy-sizes=\"(max-width: 886px) 100vw, 886px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVE_Liquidation.jpg\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352400\" class=\"size-full wp-image-352400\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/AAVE_Liquidation.jpg\" alt=\"\" width=\"886\" height=\"495\" \/><\/p>\n<p id=\"caption-attachment-352400\" class=\"wp-caption-text\">Source: Coinglass<\/p>\n<\/div>\n<p>Data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\" data-wpel-link=\"external\">Coinglass<\/a> revealed that AAVE sellers were caught out by the price pump over the past day. $309.98k worth of short positions were wrecked, amounting to 76.86% of the total liquidations.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-aave-to-usd\" data-wpel-link=\"internal\">1,10,100 AAVEs worth today<\/a>?<\/p>\n<hr \/>\n<p>This had a ripple effect on the funding rate which stayed largely positive, despite a slight dip. It showed that long traders were in the majority and AAVE could hit another bullish milestone in the short term.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. AAVE rallied strongly from the $61 support level with 10% gains over the past day. The funding rate remained positive with longs in the majority.\u00a0 Aave [AAVE] pulled off a strong 10% rally from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":178501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-178500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178500"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178500\/revisions"}],"predecessor-version":[{"id":178503,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178500\/revisions\/178503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/178501"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}