AAVE Bulls Aim for $83: Capital Flows Highlight Buying Strength
• AAVE successfully defended its $69.3 support level, which could spur more gains for bulls.
• Indicators highlighted demand behind AAVE and momentum was bullish on the four-hour timeframe.
• If bulls can cross the hurdle at the $80 psychological level, they could easily flip the $83.6 to support.
AAVE Bulls Targeting $83 Level
AAVE has been displaying a bullish trend on the lower timeframes with successful defense of its $69.3 support level. This could spur more gains for bulls, as evidenced by indicators highlighting demand and bullish momentum on the four-hour timeframe.
CMF Indicator Highlights Capital Inflows
The Chaikin Money Flow indicator recently highlighted significant capital inflows into AAVE, flipping from negative to positive with a reading of +0.20 as of press time. This shows strong buying pressure and indicates that further gains are possible if bulls manage to break through the hurdle at the $80 psychological level and flip the $83.6 resistance to support.
On-Chain Metrics Show Good Profits for Buyers
On-chain metrics such as Market Value to Realized Value ratio indicate good profits for buyers who have invested in AAVE, as it shows average profit/loss of all circulating coins over time since inception in comparison to current prices..
Pullback Could Occur Due To Bitcoin Dip
Despite current bullish sentiment surrounding AAVE, there is risk of a pullback should Bitcoin dip any further – this could offer an opportunity for bears to capitalize and force retest of the $69.3 support level once again..
Overall, current evidence suggests that bulls might be able to target $83 next if they can overcome hurdles at psychological levels such as $80 and utilize indicators like CMF which highlight capital inflows in order to sustain their uptrend .