Aave's rise is approaching the resistance of $270 amid anticipation of a breakout beyond $300.
The implementation of Aave v3 on Aptos introduces cross-chain crypto financing.
Open interest in futures increased by 42% to $576 million, indicating traders' confidence.
Aave (AAVE) is trading at $264 on Tuesday, driven by growing 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, paving the way for highs above $300.
Aptos will host Aave v3 as part of a rewritten lending mechanism in the Move programming language. The Aptos execution environment, collateral flows, liquidation logic, and incentive architecture are all under review according to new criteria, according to X. The upgrade could enhance the security of Aave's Decentralized Finance (DeFi) ecosystem and Aptos.
AAVE token traders opened additional bets after its launch on Aptos. CoinGlass data reveals a 42% increase in Open Interest (OI) to $576 million, indicating an influx of capital and trading interest.
A 90% increase in trading volume to $1.84 billion indicates strong trading activity, which typically precedes price changes. High volume and rising OI indicate a strong trend.
In the previous 24 hours, short liquidations reached $4.05 million, surpassing long liquidations of $673,970, signaling that more bearish positions were forced to close due to price gains, which approached the $270 barrier before correcting to $264.
Aave maintains its rise at $264 despite the drop in supply area near $270. The 50-day exponential moving average (EMA) at $194, the 100-day EMA at $197, and the 200-day EMA at $200 support the path of least resistance, which is upward.
If the 50-day EMA crosses above the 200-day EMA, forming a golden cross on the daily chart, bullish momentum could push Aave beyond $300.