AAVE Price Hinges on Reclaiming Key Level as Top Traders Load Up
AAVE's price has been stuck at $92.39 for some time, with momentum flatlined and sellers dominating short-term order flow.
However, top traders are quietly loading up on long positions, which could be a sign that the market is due for a reversal.
The next 30 days will be crucial in determining AAVE's future direction, with $95.2 being the key level to watch.
From a technical perspective, the setup is 'no-man's land', with momentum having burned itself out and buyers not stepping up with conviction.
The price is sandwiched between short-term moving averages, with the 7-day average at $95.89 and the 20-day average at $94.56 forming a ceiling, while the 50-day average down at $88.67 provides support.
Smart money traders are positioned long, with 58.3% of their positions in AAVE being long versus 41.7% short, which suggests that they believe the market will continue to go up.