AAVE could extend its bullish rally by flipping the $70 resistance level as funding rates highlighted growing dominance of long traders.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.pulled off a strong 10% rally from the key $61 support level. This took the altcoin to the edge of the $70 resistance level with buying pressure continuing to rise.
Likewise, the On Balance Volume registered an uptick to signal that more buyers were looking to ride the bullish momentum. Despite the bullish momentum, the $70 resistance level has proven a tough hurdle for buyers. Price was rejected twice at the level on 2 October and 5 October. However, buyers will be confident that the bullish market conditions could result in more gains.
If bulls are successful in flipping the resistance, additional gains can be found at $75 to $80. Yet, another price rejection at the resistance level could keep AAVE stuck in a range between $61 and $70.revealed that AAVE sellers were caught out by the price pump over the past day. $309.98k worth of short positions were wrecked, amounting to 76.86% of the total liquidations.
This had a ripple effect on the funding rate which stayed largely positive, despite a slight dip. It showed that long traders were in the majority and AAVE could hit another bullish milestone in the short term.Emmanuel is a full-time journalist at AMBCrypto. With a degree in Information Systems, he is curious about the mix of financial data and storytelling. Emmanuel’s focus is on the diverse application of blockchain technology and its revolutionary potential across several industries.