AAVE to Hit $200 in Q4 2024? Secret Revealed!
At press time, AAVE is up over 7% in the last 24 hours
Altcoins Appear to Form Double Bottom as Long Accounts Change Short
Aave (AAVE) has emerged as one of the leading DeFi (DeFi) platforms on the market, showing significant strength recently. In fact, earlier this year, AAVE broke out of a certain threshold, and at the moment, is one of the top gainers, up over 7% in the last 24 hours alone.
This growth also pushed AAVE’s market cap up by the same percentage. Additionally, trading volume increased by 46%, resulting in a volume-to-market cap ratio of 16.75%.
This ratio points to a strong investment opportunity, especially since it shows that AAVE has enough liquidity to prevent frequent price fluctuations. The total value locked (TVL) on the platform is equally impressive, with $11 billion in assets secured in Aave.
Source: CoinMarketCap
AAVE Bottom Potential and Forecast
Looking at the latest developments, the price movement analysis of AAVE/USDT shows an upward trend throughout the year. The price of the altcoin has been stable with higher highs and lower lows since breaking out of the previous range.
A double bottom was formed at $140, suggesting that the Cryptocurrency could make further gains. It is likely to reclaim the $200 mark in the final quarter (Q4) of this year.
Trading above $150 at this point, traders are now bullish on a close above the recent high. Such a close could strengthen the case for a $200 target as overall market conditions continue to improve.
Source: TradingView
AAVE Long/Short Accounts Turn Bullish
To further analyze the potential of altcoins, we can look at the long and short account metrics. At the time of writing, the percentage of long accounts has increased to nearly 51%, while short accounts are at 49%.
This change shows that buyers are regaining control after a period where short positions have dominated during market corrections.
As shorts begin to lose influence, the ratio will continue to favor longs, reinforcing the idea that AAVE is on track to hit its next target of $200 as it rises.
Source: Coinglass
Purchase volume and funding rates are recovering
Finally, looking at the purchase volume and funding rates, both indicators are starting to rise from their previous lows due to the market correction. These indicators appear to be approaching the 30th percentile, contributing to the global average of around 30%.
The improvement in these indicators further reinforces the idea of an uptrend, which could lead to a recapture of $200 for AAVE. The recent performance of the cryptocurrency and key indicators together suggest that the cryptocurrency could be in a strong position for future growth.
Source: Hyblock Capital
With ample liquidity, positive price action, and positive long-short account momentum, AAVE could be well-positioned to hit higher price targets in the near future.
As always, investors should exercise caution, monitoring market conditions and broader trends to make informed decisions.
#tintucbitcoin #tintucbitcoin.com #BinanceTurns7 #Write2Win #MarketDownturn
