AAVE Price Hits 200-Week EMA Test Amid Mixed Supply Data

AAVE's price has recovered on its weekly chart, but it's facing a significant test as it approaches the 200-week EMA band.

The token has already flipped both the 20-week and 50-week EMAs, indicating a bullish setup.

However, the supply data tells a different story. A burn is under consideration, according to comments made on September 29, but no proposal or timeline has been published.

Meanwhile, exchange balances of AAVE have increased by approximately 12% between September 16 and September 28, reaching a 60-day high of around 146,000 coins.

This mixed supply picture is a notable aspect to consider as AAVE price tests the 200-week EMA band. If a burn eventually happens, exchange balances are already near a 60-day high.