AAVEs breakout - Is it legit or a bull trap in the making - BitcoinEthereumNews.com
AAVE/USDT | Source: TradingView However, there is a caveat. It had crossed over the 200 DMA several times after July 2021, but wasn‘t able to sustain above it. This time too, if it isn’t able to sustain, a recovery might be hard to stage. Additionally, the RSI was found to be over 80 at press time – A sign that overbought levels and some profit booking may be seen first. However, there are a bunch of other signals that support a bullish view for this altcoin. Data from coinglass.com revealed that there have been a lot of short Liquidations. Nearly $2 million worth of shorts were liquidated thanks to the rally. This can indicate two things – First, the rally was stimulated by heavy short covering. Second, with all these short positions kicked out of the market, the path ahead for the bulls is clearer. AAVE Total Liquidations | Source: Coinglass.com Optimistic metrics On-chain metrics seemed to suggest optimism too, at the time of writing. Supply held by top addresses as a percentage of supply, which had been falling since August 2021, saw a spike since the begining of March 2022. สิ่งนี้แสดงให้เห็นว่า HODLers with cash to spare are buying into AAVE to bring down their averages –