• Aave has launched on the Aptos blockchain, moving beyond the EVM ecosystem to offer faster transactions and lower borrowing/lending fees.
• RSI at 49.13 shows a neutral market, while a positive MACD (4.79) signals possible upward momentum in the near future.
• Key resistance lies at $313.43, and a breakout could push the price higher, which may lead to a $368 resistance

AAVE is currently experiencing a pullback as mounting bearish sentiment grips the crypto market after its recent surge in value. The AAVE price over the last 24 hours is down by 0.38%, but over the last week it is up by 15.64%.

At the time of writing, AAVE is trading at $327.45 with a 24-hour trading volume of $747.48 million, up by 5.46% over the last 24 hours. The coin has a market capitalization of $4.98 billion, which is showing stability.

The overall market trend is slightly bearish, as major altcoins are seeing minor declines along with Bitcoin. Declining investor sentiment along with the bearish action of Bitcoin has adversely affected the overall market, including altcoins such as AAVE.

Aave Launches on Aptos Blockchain Beyond EVM

A prominent crypto analyst, Pukerainbow, highlighted that Aave has officially grown out of the Ethereum Virtual Machine (EVM) ecosystem and gone live on the Aptos blockchain network. This is the first major step of Aave beyond EVM chains and is a strategic move to deliver faster and cheaper transactions to customers.

With lowered fees when customers borrow and lend, the platform is now better placed to serve both retail and institutional customers, making it more accessible and efficient in its services.

Aptos is gaining attention from both TradFi and DeFi and is demonstrating that next-generation chains are the bridge between decentralized and traditional financial systems. It could establish a precedent with other DeFi protocols to employ multi-chain models and eventually lead to further adoption and a more inclusive and scalable financial ecosystem.

AAVE Shows Signs of Upward Momentum Towards $368

According to the technical analysis, the Bollinger Bands indicate potential volatility, and the upper and lower bands are at $368.03 and $313.43, respectively. Moreover, the Relative Strength Index (RSI) is at 49.13, indicating a neutral market without a clear dominance of bullish and bearish pressures.

The MACD is currently positive at 4.79, with the MACD line crossing above the signal line, indicating a potential upward momentum in the near future.

Looking at AAVE’s price action, the level of resistance lies at $368.03, a key level that has previously proven difficult for AAVE to break. If the current price sustains above this level of resistance, there could be room for further upside movement. However, the nearest level of support is $313.43. Breaking below this level may lead to more selling and could potentially reach levels of $275.00.

Derivative Market Shows Signs of Cooling: What’s Next?

The market action has cooled down, and volume fell 20.99% to $1.36B. Open interest fell 2.83% to $672.40M, a sign of shrinking trader participation. Both declines suggest uncertainty and a lack of strong conviction in the current trend.

The OI-weighted funding rate is 0.0089%, indicating neutrality between long and short positions. This shows a point of consolidation, where neither bulls nor bears are completely dominant, and is in alignment with the overall indecisive price action.

Also Read: Aave Development Activity Explodes 394%: Ranking the Fastest-Growing Crypto Projects