Aave Expansion Fuels AVAX Price Hike, But Sustained Uptrend Uncertain

The price of AVAX rose by 4.5% in the last 24 hours to $6.51, fueled by Aave's decision to expand its V4 protocol to Avalanche.

This move makes Avalanche the first network selected for the expansion, and it remains within the $5.8, $6.8 range that AVAX has been consolidating since early June 2023.

However, despite the recent price surge, AVAX's trading history shows a mixed picture.

The OBV (On Balance Volume) trended lower since early August, suggesting weakening buying pressure, while the RSI (Relative Strength Index) hovered around the 50-mark, indicating neither buyers nor sellers have gained clear dominance.

The MACD (Moving Average Convergence Divergence) remained below its signal line and was attempting to cross above it, but this would not breach the zero line in the short-term, implying that a bull trend is yet to be confirmed on the daily chart.