$AAVE Price Faces Crucial Test at 200-Week EMA

The AAVE price is on the rise, but it's facing a significant test as it approaches the 200-week EMA. The token has flipped both the 20-week and 50-week EMAs, with its recovery pushing it above these levels with strength.

The chart suggests that if the resistance breaks, the rally could continue towards potential targets of $240 and $340 over the coming months. However, the supply data is less convincing, with exchange balances reaching a 60-day high despite the price climbing around 24% over the same period.

A proposed burn is under consideration, but no proposal or timeline has been published. The live buyback into the DAO treasury is estimated at around 292 AAVE per day, based on June estimates. Meanwhile, exchange balances have increased by approximately 12% between September 16 and September 28, adding around 146,000 coins.