Aave price set to rally after cloud breakout
Aave price set to rally by 6% in the past 24 hours.
Aave price has rallied by 6% in the past 24 hours after bullish on-chain data that shows that open interest, daily active addresses and development activities rises. The price increase is also in response to reported CPI data which was in line with market expectations.
Aave has also had the largest liquidations this last week and earned about $6 million in fees an has been earning a daily revenue of $1.2 million which is the highest since February.
CoinBureau X account posted about how bullish defi borrowing is for Aave.
LordofEntry X account posted defi recovery being driven by layer 2 chains like Base and Scroll.
Price of Aave is currently above the cloud on the 4 hour timeframe and all the cloud indicators are bullish.
On the 1 day timeframe price of Aave is above the cloud and the cloud component are bullish.
Aave on the 1 week timeframe is not bullish yet the price has not closed above the cloud yet and the future cloud is red. The conversion line is below the base line and therefore price is not yet bullish.
The conversion line is above the base line that is bullish and the lagging span has crossed above the price but the price is still below the cloud.