{"id":662467,"date":"2024-12-14T12:00:09","date_gmt":"2024-12-14T12:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=662467"},"modified":"2024-12-14T08:42:57","modified_gmt":"2024-12-14T08:42:57","slug":"aave-price-soars-26-in-a-single-week-will-rising-fomo-lead-to-a-bust","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/aave\/aave-price-soars-26-in-a-single-week-will-rising-fomo-lead-to-a-bust\/","title":{"rendered":"AAVE Price Soars 26% In A Single Week \u2014 Will Rising FOMO Lead To A Bust?"},"content":{"rendered":"

The cryptocurrency market<\/a> has been fairly positive over the past week, with the decentralized finance (DeFi) sector and tokens particularly impressive over the last seven-day span. Aave price, for instance, seems to have taken off after making a somewhat tame performance in the remarkably bullish month of “Moonvember.”<\/p>\n

According to data from CoinGecko, the price of AAVE has increased by more than 26% over the past week. However, the latest on-chain data suggests that the DeFi token may face some hurdles in its bullish trajectory and suffer a slight setback in the short term.<\/p>\n

Is AAVE Price Going To Witness A Correction?<\/strong><\/h2>\n

In a recent post on the X platform, prominent crypto analyst Ali Martinez revealed<\/a> that the investor sentiment around the Aave token has become increasingly positive following its latest price upswing. This on-chain observation is based on the Social Volume and Weighted Sentiment metrics.<\/p>\n

Related Reading: Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week<\/a><\/div>\n

The Social Volume metric measures the total number of mentions of a particular crypto asset on various social media platforms in the last 24 hours. In essence, it tracks the degree of discussion surrounding a cryptocurrency on social media.<\/p>\n

Meanwhile, weighted sentiment<\/a> is a product of sentiment score and social volume. Typically, there is a significant shift in this metric when the social volume is high and there is a specific average sentiment (either positive or negative).<\/p>\n

\"AAVE
Source: Ali_charts\/X<\/figcaption><\/figure>\n

Based on data from Santiment, the social volume and positive sentiment around the AAVE price action have grown significantly over the past few days. As shown in the chart below, this soaring positive sentiment correlates with the Aave price surge over the past week.<\/p>\n

According to Martinez<\/a>, a brief price correction might be on the cards for Aave, especially with the crypto crowd seemingly hyped about the DeFi token\u2019s price performance. This is based on the notion \u2014 backed by historical data \u2014 that crypto prices often in the opposite direction of the crowd.<\/p>\n

Recent price action data shows that the Aave price might be falling into something of a consolidation range, having failed to hold above the $380 mark on Friday. As of this writing, the Aave token is valued at $365, reflecting a mere 0.4% increase in the past 24 hours.<\/p>\n

DeFi Coins Back At It?<\/h2>\n

Most of the attention has gone to the meme coins \u2014 and deservedly so \u2014 in this bull cycle. However, it appears that prominent DeFi coins are beginning to pull their weight and stake a claim for the spotlight.<\/p>\n

Related Reading: Dogecoin Bullish Takeover: DOGE To Outperform Bitcoin By 2,400% \u2014 Here\u2019s How<\/a><\/div>\n

The past week saw many large-cap DeFi tokens, besides AAVE, grow in market value. According to data from IntoTheBlock<\/a>, the market capitalization of the DeFi token sector nearly doubled to $20 billion in the past week.<\/p>\n

\"AAVE
The price of AAVE on the daily timeframe | Source: AAVEUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency market has been fairly positive over the past week, with the decentralized finance (DeFi) sector and tokens particularly impressive over the last seven-day span. Aave price, for instance, seems to have taken off after making a somewhat tame performance in the remarkably bullish month of “Moonvember.” According to data from CoinGecko, the price of AAVE has increased by more than 26% over the past week. However, the latest on-chain data suggests that the DeFi token may face some hurdles in its bullish trajectory and suffer a slight setback in the short term. Is AAVE Price Going To Witness A Correction? In a recent post on the X platform, prominent crypto analyst Ali Martinez revealed that the investor sentiment around the Aave token has become increasingly positive following its latest price upswing. This on-chain observation is based on the Social Volume and Weighted Sentiment metrics. Related Reading: Bitcoin Daily Bollinger Bands Expand, Why BTC Price Could Rise To $120,000 As Early As Next Week The Social Volume metric measures the total number of mentions of a particular crypto asset on various social media platforms in the last 24 hours. In essence, it tracks the degree of discussion surrounding a cryptocurrency on social media. Meanwhile, weighted sentiment is a product of sentiment score and social volume. Typically, there is a significant shift in this metric when the social volume is high and there is a specific average sentiment (either positive or negative). Based on data from Santiment, the social volume and positive sentiment around the AAVE price action have grown significantly over the past few days. As shown in the chart below, this soaring positive sentiment correlates with the Aave price surge over the past week. According to Martinez, a brief price correction might be on the cards for Aave, especially with the crypto crowd seemingly hyped about the DeFi token\u2019s price performance. This is based on the notion \u2014 backed by historical data \u2014 that crypto prices often in the opposite direction of the crowd. Recent price action data shows that the Aave price might be falling into something of a consolidation range, having failed to hold above the $380 mark on Friday. As of this writing, the Aave token is valued at $365, reflecting a mere 0.4% increase in the past 24 hours. DeFi Coins Back At It? Most of the attention has gone to the meme coins \u2014 and deservedly so \u2014 in this bull cycle. However, it appears that prominent DeFi coins are beginning to pull their weight and stake a claim for the spotlight. Related Reading: Dogecoin Bullish Takeover: DOGE To Outperform Bitcoin By 2,400% \u2014 Here\u2019s How The past week saw many large-cap DeFi tokens, besides AAVE, grow in market value. According to data from IntoTheBlock, the market capitalization of the DeFi token sector nearly doubled to $20 billion in the past week. Featured image from Unsplash, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83416],"tags":[79511,86582,93655,83417],"class_list":["post-662467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aave","tag-aave","tag-aave-price","tag-aave-token","tag-aaveusdt"],"acf":[],"yoast_head":"\nAAVE Price Soars 26% In A Single Week \u2014 Will Rising FOMO Lead To A Bust?<\/title>\n<meta name=\"description\" content=\"Aave price seems to have taken off after making a somewhat tame performance in the remarkably bullish month of "Moonvember."\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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