Aave Shows Stability Near $265 as Net Deposits Exceed $60 Billion: Is a Breakout Possible?
Main Idea
Aave's price is stabilizing around $265 with net deposits exceeding $60 billion, indicating strong demand for DeFi services, despite mixed market activity and technical indicators.
Key Points
1. Aave's price is consolidating at $265, up 3% daily but down 6% over the last 30 days.
2. Net deposits have surpassed $60 billion, with Total Value Locked (TVL) increasing by over 45% to $34.9 billion and network fees rising from $48 million to $65 million.
3. Market activity shows caution with a 13% drop in 24-hour spot volume to $297 million and a 19.3% decline in derivatives volume to $503.6 million, though open interest rose by 4.1% to $561.9 million.
4. Technical indicators are mixed: MACD is bearish at -9.31, RSI is neutral at 43.3, and while 100- and 200-day SMAs are in buy zones, shorter-term EMAs show sell signals.
5. A break above $280 could target $310-$315 resistance, while a drop below $250-$255 support may test June lows around $230.
Description
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