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- AAVE DAO has recently voted to integrate chain link proof of reserves to tighten Network security
- Technical indicators are favoring upside in AAVE. It has seen a gain of more than 1.13% in the intraday session
AAVE (Aave) is a decentralized cryptocurrency that operates on the Ethereum blockchain. It is an open-source, non-custodial lending platform that allows users to lend and borrow a variety of different cryptocurrencies.One of the key features of AAVE is its flash loan feature, which allows users to borrow a large amount of cryptocurrency for a very short period of time (typically less than an hour) without having to go through a traditional credit check. This feature has been particularly popular among traders and liquidity providers, who use it to execute high-risk, high-reward trades.
Another unique feature of AAVE is its “aToken” system, which allows users to earn interest on their deposited assets by becoming a lender on the platform. Users can choose to lend their assets to other users at a fixed or variable interest rate, and they can also choose to lend to specific protocols or pools of assets. This allows users to customize their lending experience and earn higher returns on their assets. Meanwhile AAVE DAO has recently voted to integrate chain link proof of reserve to tighten network security.
AAVE has a market cap of $1.151 Billion and is ranked 40th in the cryptoverse. Volume to market cap ratio of the AAVE hints towards a consolidated trend.
Bulls Are Raging For A New High
The weekly technical chart of the AAVE suggests a consolidated trend in price. On the daily chart it is trading near the value of $81.7 with a gain of more than 1%. It has formed a strong upside parallel channel which can push the asset price to a new high. Resistance of the AAVE can see a halt near $100. Meanwhile the support of the asset can be seen near $50. It is currently trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high.
Conclusion
AAVE is currently on a bull run with the run in Bitcoin. AAVE price is currently on a strong upside trend and can soon see a new high in the future.
Technical Levels
Major Support:$50
Major Resistance:$100
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
