Buy Aave: Bullish Formation in this DeFi Crypto Coin

Aave crypto can be a good buy candidate at this price for a short term trade.

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AAVE Crypto Price Prediction

• Current Price: $98.04
• Market Cap: $1.46 billion
• 24-Hour Trading Volume: $289.10 million
• Circulating Supply: 15 million AAVE tokens

Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.

With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.

Weekly Price Analysis

• 7-Day High: $104.50
• 7-Day Low: $95.20
• Trend: Short-term trend is Down, Medium-term trend is Strong Up and Long-term trend is Up.
• Momentum is Bearish ( MACD Line crossed below MACD Signal Line) BELOW days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
• Support and Resistance: Nearest Support Zone is $90.00, then $80.00. Nearest Resistance Zone is $105.00, then $118.00.

News Roundup

• Expansion to Solana’s Neon EVM: Aave is exploring expansion into Solana’s Neon EVM. This move is part of Aave’s strategy to diversify and enhance its presence across different blockchain networks.
• Security Measures: Aave recently resumed its lending markets after addressing a critical security issue.
• Continued Innovation: Aave’s continued focus on innovation, particularly in the areas of flash loans and decentralized governance, keeps it at the forefront of DeFi developments.

Conclusion

Aave remains a strong contender in the DeFi space, with a stable price and ongoing development efforts. While it faces challenges like any other cryptocurrency, its commitment to innovation and expansion positions it well for future growth. Investors considering AAVE should keep an eye on market trends and the protocol’s ongoing developments.

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