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- 1 AAVE protocol has recently launched GHO stable coin on the Ethereum mainnet.
- 2 AAVE is currently observing a bearish trend in the daily technical chart. It has seen a loss of 3% in the intraday session
AAVE is one of the most significant Defi protocols present in the market. The protocol has been observing strong growth in terms of borrowing and lending. The deposits in AAVE protocol have not seen any significant changes between January 2023 to July 2023. The cumulative interest paid on the protocol is stagnant and is nearly $150k on a daily basis. Meanwhile, the TVL of AAVE V3 has been on a constant rise and has reached $3.14 Billion from the lows of $700 Million at the start of 2023.
AAVE has recently launched a stablecoin named GHO which is an algorithmic dollar-pegged coin. The market cap of GHO has surged to $2.5 Million within a few days of launch. Many analysts are also skeptical about the dollar peg of GHO. The reason behind it is that GHO is backed by volatile coins which may depeg its value in the future.
AAVE has a market cap of $1.098 Billion and is ranked 40th in the Cryptoverse. The volume of the asset price has observed a decline of 11% in the intraday session. The V/M ratio of AAVE suggests a bear trend in price.
Will AAVE Price Hit A High Of $100 Soon?
The weekly technical chart of AAVE price suggests a consolidated momentum in price. On the daily chart, the asset price is trading near the value of $72.77 with a drop of more than 3% in the intraday session. The upside trend of AAVE can see a halt near the value of $80. Meanwhile, the support of the asset price can be observed near $70. AAVE is trading above the 50 and 100 Daily Moving Averages. AAVE is trading in a bearish engulfing pattern on the daily chart. If the asset price sees a strong bearish pattern, then a new low in the future can be seen.
The RSI of AAVE is near 53 with a negative slope in the price. The overall sentiment of the indicator is bearish in the future.
Summary
AAVE recently launched GHO stablecoin which has observed a strong growth in the recent future. AAVE is currently in a bearish trend and can see a new high in the future.
Technical Levels
Major Support:$70
Major Resistance:$80
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
