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- 1 AAVE crypto price is trading above the key moving averages showcasing bullishness.
- 2 AAVE price is growing by almost 17.41% in a week.
Utilizing the Ethereum network, Aave operates on a decentralized protocol that facilitates the borrowing and lending of cryptocurrencies through instant loans. Additionally, it offers a market where participants can accrue interest on their digital assets. To safeguard against non-payment, the system mandates collateral for loans.
Moreover, it incorporates a staking mechanism, incentivizing users with extra tokens when they stake AAVE. Aimed at delivering a decentralized finance (DeFi) experience, Aave’s protocol is crafted to ensure anonymity, reliability, and openness in financial transactions.
Technical Analysis Of AAVE Crypto
AAVE crypto price has been bullish and surged by 95% in the last 6 months. The bullish trend was disturbed by the $150 hurdle, and more than 30% selling pressure was witnessed. Recently, the coin price has recorded a high of $153 on March 13, 2024.
On the daily time frame, the AAVE crypto price has been rising by taking support from the dynamic support. The price has taken support on the trendline and increased by 17% in a week. The price has surpassed the all exponential moving average, showing the buyers’ strength.
AAVE crypto’s technical chart shows bulls’ dominating. The cryptocurrency is in an upward as trades above the main EMAs. Technical indicators also support the bullish sentiment as RSI is close to the positive zone of 57 and MACD has formed a bullish outlook with the green band. These signals indicate that the cryptocurrency could face even greater upward momentum in the coming weeks.
At press time, the AAVE crypto price was trading at $131.39 with an intraday gain of 0.47%, indicating bullishness on the charts. It has a monthly return of 27.41% and 17.41% weekly. It has a market cap of $1.89 Billion. indicators are bullish and suggest the crypto price will attain higher levels in upcoming sessions.
Over a week, AAVE crypto has experienced an increase of approximately 17.41%. Moreover, the coin has grown by almost 27.88% in a month, and 14% in the last 3 months. It gave an outstanding return of 95.01% in the last 6 months and grew by 18.13% year to date. The data shows the strength in the price.
AXS Crypto Social Dominance vs Social Volume Analysis
Based on the graph provided, social dominance and social volume have been declining over the past few months. In January, both social dominance and social volume decreased, leading to a negative impact on the price. Since February, social dominance and social volume have remained constant, while the price has shown positive performance. It is possible that the price of crypto may be influenced by changes in social dominance and social volume.
Summary
AAVE price prediction is bullish for the long term and suggests the bullish momentum might continue. Crypto price is inside the bulls’ grip so the probability of reaching $180 in upcoming weeks remains high.
Technical Levels
Support Level: $115.13.
Resistance Level: $153.63.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
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.
