Santiment, a crypto analytics firm, has identified bullish divergences in the native token of a decentralized finance (DeFi) project based on Ethereum (ETH).
At the time of writing, the price of Aave (AAVE), a decentralized finance (DeFi) lending protocol, stands at $93.89, reflecting a growth of over 2.3% in the last 24 hours.
According to Santiment, the top 150 non-exchange wallets for the asset now possess 9.61 million AAVE, marking a five-month high.
Santiment's analysis reveals that AAVE's Relative Strength Index (RSI) has fallen below 40, a historically significant 'bounce zone' for the asset.
The Relative Strength Index (RSI) is a popular momentum indicator used to assess whether an asset is overbought or oversold. It ranges from 0 to 100, with a reading below 30 generally indicating a bullish market, while a reading above 70 is often seen as a bearish signal.
Santiment has observed that Cardano (ADA), a competitor of Ethereum, experienced a notable decrease in the number of small wallets in mid-November.
“A drop of addresses this size or smaller often indicates capitulation, and a potential price turning point. ADA is +65% since.”
As of now, Cardano (ADA) is trading at $0.635. This cryptocurrency, ranked eighth by market capitalization, has witnessed an increase of nearly 8% in the last 24 hours.
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