A strong rally is expected in AAVE, if certain conditions are met with accordance to the price-action . Aave, with a whopping $6.5 billion locked in its platform, has been a front-runner in the DeFi realm, enabling users to engage in lending and borrowing across various cryptocurrencies through smart contracts.
In this article, we will examine the price prediction along with the weekly and news roundup of this crypto.
AAVE Price Prediction
Currently, AAVE is trading at $104 with the price showing a good uptrend. AAVE has a market capitalization of $1.60 billion,which makes it 43rd largest cryptocurrency by market cap. With a circulating supply of 14.66 million and a total supply of 16 million, the 24-hour trading volume sits at $155.13 million, with major contributions from platforms like Binance, Coinbase, and Huobi Global.
In a 3D time frame, the price has broken the descending triangle and going upward. Currently, further upward movement is expected.
On the other side, there will be a strong upward surge if it breaks the 123.13 level. And from this point, the price might drop.
Unveiling AAVE’s Weekly Performance
Upon looking at the price chart , we can observe a narrow trading between $95 and $105 over the past seven days. A robust resistance zone at $105 aligns with the 50-day moving average, while support at $95 hugs the lower boundary of a descending triangle pattern that has been evolving since May 2023.
The imminent question revolves around a breakout or breakdown from this triangle, serving as a potential harbinger for the crypto’s next major price movement.
News Roundup
- Aave took a proactive stance, suspending lending services across 17 markets temporarily. The move was prompted by concerns about excess volatility, deemed a potential precursor to market manipulation. The decision received overwhelming support through a governance vote.
- Aave experienced a surge following its addition to the Robinhood trading app alongside six other cryptocurrencies. This strategic move could expose the crypto to a broader and younger audience, potentially boosting liquidity and adoption.
Conclusion
Aave stands tall as a leading DeFi protocol, empowering users with smart contract-enabled lending and borrowing capabilities. The project’s trajectory has been characterized by continuous innovation and strategic expansions. The rebranding to Avara and the acquisition of Family underscore the commitment to weaving itself deeper into the fabric of the web3 landscape.
The future for this crypto is linked to the upcoming and ongoing trends in the DeFi sector and the broader crypto market.
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