By Franklin Smith
The cryptocurrency market welcomed this week in a bearish leg as market players awaited the United States CPI data. Most large-cap digital coins by market value saw substantial plummets, but AAVE retained some of its gains.
AAVE saw some selling momentum on July 10 as the alternative token declined from $82.3 to the $65.7 mark by July 12. That was a relatively slight decline considering the alt had gained over 45% within the prior week.
AAVE generated some upticks on July 13 before sliding into the bearish level again. The alt hovered in the red at $78.3 during this publication.
The July 13 AAVE’s bullish performance emerged after the RSI (Relative Strength Index) rebounded from the 50% mark. Also, the MFI (Money Flow Index) recorded a brief upswing, suggesting a substantial accumulation behind the rally.
That outcome might have emerged from updates about the financially struggling Celsius repaying AAVE’s 81.6 million debt.
Warming During Winter?
AAVE market players perceive the above outcome as a relief, enhancing investor sentiment. AAVE saw its exchange outflows within the past day peaking at 19,086 tokens, whereas inflows hit the 14,562 highs.
Meanwhile, top addresses supply didn’t decline much following the July 4 substantial uptick. That shows most large wallet investors holding their assets instead of selling them. This observation aligns with the token’s address balance supply distribution.
It seems address with over 1 million coins increased their holdings by 0.04% within July 13’s final 24 hours. This cohort controls the highest AAVE holdings, thus a sizable effect on the asset’s price action.
The 2nd-largest AAVE whale category, holding 100K to 1 Million tokens, trimmed its assets by 0.16% over the past 24hrs of July 13. That triggered some bearish momentum for the alternative tokens. Nevertheless, that wasn’t enough to drag prices lower.
AAVE Won’t Surrender
AAVE’s lucrative news of Celsius repayment emerged as the best time considering the market’s pessimism situation. Nevertheless, enthusiasts would have probably reacted distinctly amid a different case as bears dominate the space.
Meanwhile, AAVE’s current price actions remained unclear. Investors can expect bearishness as the overall market stays red.
Stay around for upcoming market developments.
Editorial credit: photo_gonzo / shutterstock.com