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- AAVE Dao has recently voted on to save lost tokens which was sent to other address by mistake from the users
- Technical indicators are currently favoring a consolidated mode in price. It has seen a drop of 1.13% in the BTC pair.
AAVE is a platform which allows users to borrow and lend various digital assets. It uses smart contracts to facilitate decentralized lending and borrowing. AAVE was founded in 2017 by Stani Kulechov.One of the key features of AAVE is that it allows users to borrow assets without requiring collateral. This mechanism is called “flash loans,” which allow users to borrow funds for a very short period of time and then repay them after a transaction. They are useful for a variety of purposes, such as arbitrage trading and liquidity provision.AAVE DAO has recently passed a proposal where a user who has sent money to a wrong address will be able to recover it.The proposal is called “Rescue Mission Phase 1 Long Executor”. It will help the users and push the AAVE dominance to a new high.
AAVE has a market cap of $1.131 Billion and is ranked 50th in the cryptoverse. Volume of the asset price has seen a decline of 25% in the intraday session. Volume to market cap ratio of AAVE suggests a consolidated trend in price.
Are Bulls Of AAVE Looking For Push?
The weekly technical chart of AAVE suggests a consolidated move in price.On the daily chart it is showing a weak upside momentum. AAVE is currently trading near the value of $80.26 with a nominal gain on the intraday session. Resistance of the AAVE can be seen near the value of $100.Meanwhile the support of the asset price can be seen near the value of $60. It is trading below the 100 DMA and is above the 50 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high
RSI of the AAVE is currently near 54 suggesting its presence in the neutral zone. There is a positive slope which can push the asset price to a new high.
Conclusion
AAVE DAO has recently voted on a proposal to recover the lost token. AAVE is currently in a consolidated zone but can see a new high in the future.
Technical Levels
Major Resistance:$100
Major Support:$60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
