- LEND’s Total Value Locked (TVL) has increased from $1.17B to $1.23B over the last 24 hours.
- The amount of LEND tokens held by whales has gone up from 580.25M to 613.70M, as of press time.
Aave enjoyed the third-highest increase in total value locked (TVL) in the top ten of the DeFi Pulse rankings.
As you can see, the TVL has increased from $1.17B to $1.23B over the last 24 hours. What has this done to the overall price action? Let’s take a look.
LEND/USD daily chart
Over the last nine days, LEND/USD has been jumping in and out of the symmetrical triangle formation. So far this Wednesday, the price has failed to cross the downward trending line and has rebounded back down. To look at the possible price movements, let’s look at IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model.
LEND IOMAP
LEND is presently sitting below a moderate-to-strong resistance wall at $0.525. In this level, the 3000 addresses have bought around 71M LEND. It doesn’t look like the price currently has the momentum needed to break this level. Plus, even if they do, they seem to lack the force required to break past strong resistance at $0.53.
On the downside, LEND lacks healthy support walls. If LEND experiences intense selling pressure, it will fall all the way to $0.47 before it meets healthy support.
LEND/USD 4-hour chart
LEND’s 4-hour chart is presently trending in a bearish flag formation. If the price doesn't manage to break above the SMA 20 curve, it will drop down to $0.47 to fall below the flag formation. The 20-Bollinger Band is squeezing in this timeframe. Many technical analysts view squeezes as stagnation periods that are usually succeeded by notable price movements. The longer the squeeze, the more violent the breakout that follows.
LEND on-chain
The holder distribution chart shows us that there has been an increase in the number of people holding 1M-10M LEND tokens. This is a good sign since this means that more people are looking to interact with the DeFi platform.
After that, you must check out the whale distribution. Since September 9, the amount of LEND tokens held by whales has gone up from 580.25M to 613.70M, as of press time. This is also a positive sign for the protocol.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.