CandleFocus AAVE Whales Trigger Selloffs, Altcoin Targets Multi-Month Low
2024-11-05
Author: Content Editor
The price of AAVE, the governance token of the lending protocol Aave, is facing downward pressure as large holders begin to sell off their holdings. Several whales have withdrawn significant amounts of AAVE from the protocol and sent them to exchanges, resulting in a sharp increase in the exchange flow balance. This indicates that a large quantity of AAVE is being sent to exchanges, potentially leading to price drops. The negative price daily active address divergence also suggests selling pressure in the market. AAVE is currently trading just above its key support level, but if it breaks through this level, it could fall further. On the other hand, if market sentiment turns bullish, AAVE could rally towards the next resistance level.
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