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- AAVE has recently purchased $2.7M CRV to clear bad debut after Eisenberg
- Technical indicators of AAVE are favoring a strong upside move. It has seen a loss of 0.5% in BTC pair
AAVE is a decentralized lending platform that allows users to borrow and lend various cryptocurrencies in a trustless manner. Unlike other cryptocurrencies, AAVE is built on the Ethereum blockchain and utilizes a unique token economics system.One key difference between AAVE and other cryptocurrencies is its use of flash loans. Flash loans are short-term, collateral-free loans that can be taken out and repaid within a single transaction. This allows for more flexibility in lending and borrowing, as well as the ability to take advantage of market fluctuations.Another difference is AAVE’s use of a “stability fee.” This fee is applied to all loans on the platform and is used to maintain the overall stability of the system. It helps to ensure that the value of the collateral remains sufficient to cover the loan, even if the market changes.AAVE also utilizes a token called “AAVE” which is used to govern the platform and is used to vote on important decisions such as adding new assets to the platform. This allows for a decentralized form of governance, where the community has a say in the direction of the platform.
AAVE is currently ranked 42nd in the CMC and has a market cap of $1.2 Billion. Volume to market cap ratio of the AAVE suggests a consolidated trend in price.
Bulls Are Looking For An Upside
The weekly technical chart of the AAVE suggests a weak upside momentum in price.On the daily chart it is trading near $86 with a loss of 2% in the intraday session.Resistance of the AAVE can be seen near $100.Meanwhile the support of the asset price can be seen near $50.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover in the DMA which can push the asset price to a new high. On the 4 hour chart AAVE is looking to jump beyond $90.Various analysts are expecting a strong growth in the digital asset.
Conclusion
AAVE has recently bought huge amount of CRV to clear their bad debts. AAVE price may see a rise in the near future.
Technical Levels
Major Resistance:$100
Major Support:$60
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
