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- 1 Yearn Finance a defi protocol has been impacted by nearly $11 Million which occurred by AAVE V1
- 2 Technical indicators of AAVE are favoring a consolidated trend in price.It has seen a drop of 1.6% in the BTC pair
AAVE is a defi protocol that allows users to lend or borrow without the need for financial intermediaries. It is built on the Ethereum Blockchain and it uses smart contracts to automate lending and borrowing. Users can choose a variety of crypto through AAVE and can also choose between fixed and variable interest rates.It also uses flash loans which allow users to borrow without any collateral which distinguishes them from others. AAVE has been seeing a decline in the total number of deposits over the past few months. The correlation of AAVE with Ethereum is around 0.86. It highlights a possible rally by AAVE. Meanwhile, recently a major protocol named Yearn Finance has been impacted by nearly $11 Million which occurred due to AAVE V1. Various analysts are expecting strong growth in the asset price in near future.
AAVE has a market cap of over $1.17 Billion and is ranked 47th in the crypto verse.The volume of the asset price has seen a slight decline in the intraday session.It has an ROI of 15947% and can see a strong growth in future.Volume to market cap ratio of AAVE suggests a consolidated trend in price.
AAVE Bulls Are Ready For A Rally
The weekly technical chart of AAVE hint towards a consolidation in asset price. On the daily chart it is trading near the value of $83.32 with a small gain in the intraday session. It has been forming an upside bullish candles which can push the price to a new high. The upside trend of AAVE can see a halt near the value of $90.Meanwhile on a downside trend the halt can be seen near the value of $70. The asset price is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover in the future which can push the price to a new high.
RSI of AAVE is near 65 suggesting its presence in the overbought zone.There is a weak positive slope suggesting an upside trend in price.
Summary
AAVE has been consolidating for a long time and can see a positive crossover in the future. It can see a strong upside trend to $100 in the near future.
Technical Levels
Major Resistance:$100
Major Support:$70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
