AAVE Price Holds Its Ground Despite the Turbulence In Crypto Market

AAVE is one of the biggest liquidity protocols in which users can participate as depositors or borrowers. Depositors provide liquidity and can earn passive income and borrowers are able to borrow from it. Meanwhile, recently AAVE has released a proposal for the $GHO stablecoin mainnet. GHO is a decentralized multi collateral stablecoin which is native to the AAVE protocol. GHI stablecoin is available in the form of ERC-20 token which is designed to be pegged with the US dollar.

AAVE is seeing a consolidation in its cumulative earnings as per the Dune Analytics. Meanwhile, deposits and outstanding loans of the protocol have seen no significant change in the past few weeks. The TVL of AAVE protocol is growing steadily and is near $8.56 Billion. The daily revenue of the protocol has not seen any significant changes and is near $25k average on a daily basis as per Defilama. The staking along with the fees of AAVE has also not seen any changes in the past few months.

The social engagement of the AAVE protocol has declined over the past few months. AAVE price recently took a hit due to the SEC’s crackdown on the crypto market. Meanwhile, many analysts are expecting a rebound in price, soon.

Will AAVE Test the Support of $50?

AAVE Price Holds Its Ground Despite the Turbulence In Crypto Market

AAVE price has been struggling to gain momentum on the weekly time frame and has seen a loss of 7%. AAVE is currently trading around $61.11 with a gain of 1.18% intraday. The upside trend of AAVE can see a halt near $70. Meanwhile, the downside trend of the asset price can see a bounceback from $55. AAVE price is currently trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price down to a new low.

The RSI of AAVE is near 39 suggesting its presence in the oversold zone. There is a downside slope in it hinting toward a downside trend in price.

Summary

AAVE may soon release its mainent for its $GHO native stablecoin. AAVE price is currently in a downside trend and can see a bounceback in the future.

Technical Levels

Major Support:$55

Major Resistance:$70

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.