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Home»Bitcoin»Aave Outpaces BTC But Hits Resistance: Is There a Turnaround on the Horizon?
Bitcoin

Aave Outpaces BTC But Hits Resistance: Is There a Turnaround on the Horizon?

2024-09-22No Comments3 Mins Read
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  • Aave is outperforming Bitcoin but is facing significant resistance.
  • The fundamentals of the protocol look good.

Aaf [AAVE] remains a leader in the crypto space despite doubts surrounding the revenue models of Decentralized Finance (DeFi) blue chips.

Some industry voices are suggesting a reevaluation of what qualifies as revenue and expenditure in decentralized systems, as these protocols are not traditional businesses.

Nevertheless, the AAVE/USDT pair broke a significant 800-day range, causing the pair to trend higher and outperform Bitcoin over the past two months [BTC] during this period.

As of June 18, AAVE/BTC has shown higher highs and higher lows, but recently faced strong resistance near the 0.003 BTC zone. This rejection, combined with Bitcoin’s recent performance, has slowed the pair’s rise.

While Aave is expected to continue its uptrend due to strong fundamentals, its link to Bitcoin could pose problems in the short term.

AAVE/BTCAAVE/BTC

Source: TradingView

Furthermore, the Chaikin Money Flow (CMF) indicator also shows traders taking profits, with money flowing out of the AAVE/BTC pair.

However, the overall trajectory remains positive, especially when traded against stablecoins, which are expected to outperform as both AAVE and Bitcoin could rise in the fourth quarter.

This could be the start of a reversal for Aave’s BTC pair, but has yet to be confirmed since…

Aave’s stablecoin surpassed $150 million

A major factor driving Aave’s bullish momentum is its stablecoin, GHO. GHO has seen steady growth since launching during a bear market, alongside Curve’s stablecoin (CRV).

In early September 2024, GHO’s supply increased by over 6.7% and has now reached a milestone of over $150 million in outstanding supply.

AafAaf

Source: Token terminal

Despite CRV having a larger supply than GHO, both stablecoins have the potential for significant growth.

See also  As for what Bitcoin's future as STH holds, LTH continues to struggle

As GHO continues to grow, it strengthens the broader Aave protocol and its potential for long-term growth.

Positive OI-weighted financing rates

Furthermore, OI-weighted financing rates reflect bullish sentiment. According to the latest data, the interest rate was 0.0058%, which indicates that long positions pay off short positions.

AafAaf

Source: Coinglass

This indicates strong buying demand for Aave and is in line with the positive price outlook. The rising demand highlights that traders remain optimistic about a rise in Aave’s price in the near future.

Sentiment and mindshare rise

Finally, Aave’s social sentiment and mentality are also bullish. Data from the Kaito AI platform reveals record-high levels of positivity around Aave.


Read Aave’s [AAVE] Price forecast 2024–2025


With potential factors such as Trump integration, buybacks and the Sky partnership, Aave is poised for further growth.

AAVEAAVE

Source: Kaito AI

Aave’s overall outlook is strong, especially against stablecoins, indicating a likely price appreciation. It will continue to perform well in the DeFi space, with higher prices on the horizon.

Previous: AAVE set to reclaim ATH amid DeFi renaissance, says crypto VC

Next: Toncoins trends: analyzing the impact of an 80% transaction increase

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Aave BTC Hits Horizon Outpaces Resistance Turnaround
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