- A ‘whale’ investor has withdrawn 274,236 Aave tokens from Binance.
- AAVE’s daily trading volume dropped 37% to $204,399,077 recently.
- AAVE’s market capitalization reduced to $1,405,533,116, ranking it 39th.
Lookonchain, the blockchain analysis platform, reported in a recent X post that a significant investor, often referred to as a ‘whale’, has removed 274,236 Aave
Despite heightened attention from large-scale investors, AAVE was among numerous tokens that experienced a decrease in their value during the last 24 hours of trading. Data from CoinMarketCap revealed a 1.45% reduction in AAVE’s price over the previous day, leading to a drop in its trading value to $96.15.
Furthermore, AAVE’s daily trading volume experienced a drop of 37% from the previous day, leaving it at $204,399,077. It’s important to highlight that despite this, the altcoin’s price has still increased by more than 16% over the past week.
The recent decline in price led to a reduction in AAVE’s market capitalization to $1,405,533,116, positioning it as the 39th largest token in terms of market cap. This situates it closely behind NEAR Protocol (NEAR), which has a market capitalization of $1,446,216,384.
Yesterday, AAVE could not break through the resistance level of $105, causing it to retract to its present value. As a result, there is a potential risk of the altcoin dropping below the support level of $92.75 within the next 24-48 hours. If this critical threshold is breached, sellers might continue to apply downward pressure on its price, possibly driving it down to a low of $75.80.
Conversely, if AAVE manages to sustain above the support level of $92.75 for the forthcoming 48 hours, it could initiate another upward movement. Following this, the altcoin might make another attempt to surpass the previously mentioned $105 mark. If this level is successfully breached, the altcoin’s value could potentially rise to $117 in the near term.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
