🚀 Aave Expands to Aptos — Is a $300 Price Surge on the Horizon?
Aave's climb is nearing $270 resistance amid anticipation for a surge beyond $300.
The Aptos implementation of Aave v3 protocol ushers in cross-chain crypto financing.
The futures Open Interest 42% increase to $576 million shows traders' confidence.
Aave (AAVE) trades at $264 on Tuesday, boosted by increasing confidence in its ecosystem and the cryptocurrency market. The Aptos blockchain now supports Aave v3, the network said on Monday. The token gained over 20% in 24 hours due to significant interest, laying the way for highs over $300.
Aptos will host Aave v3 as part of a Move programming language lending mechanism rewrite. The Aptos execution environment, collateral flows, liquidation logic, and incentives architecture all under review under new criteria, according to X. The improvement might boost Aave and Apto's Decentralized Finance (DeFi) ecosystem security.
AAVE token traders opened additional stakes after its Aptos launch. CoinGlass data reveals a 42% rise in Open Interest (OI) to $576 million, indicating increased capital and trading interest.
A 90% spike in trade volume to $1.84 billion indicates strong trading activity, which generally precedes price changes. High volume and growing OI indicate a strong trend.
Over the previous 24 hours, short liquidations reached $4.05 million, surpassing long liquidations at $673,970, signaling that more bearish positions were forced to shutter due to the price gain, which approached $270 barrier before correcting to $264.
Aave maintains its rise at $264 despite the supply area dip near $270. The up-trending 50-day Exponential Moving Average (EMA) at $194, 100-day EMA at $197, and 200-day EMA at $200 support the path of least resistance, which is higher.
If the 50-day EMA crosses above the 200-day EMA, making a golden cross on the daily chart, bullish momentum might push Aave beyond $300.
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