- AAVE companies has recently acquired NFT mobile game Sonar for social media integration
- Technical indicators of AAVE crypto are favoring a downside trend. Meanwhile, AAVE/BTC pair has seen a fall of 0.25% in the intraday session.
AAVE is a decentralized protocol which helps the users to lend and borrow crypto currency. AAVE was initially called ETHLend and was launched in 2018. Lenders in AAVE can earn interest by depositing assets into liquidity pools. Meanwhile Borrowers can use their assets to take out a flash loan. AAVE has recently acquired NFT mobile game SONAR for social media interaction. The startup executives will join Aave to build its social applications which was powered by Lens. Meanwhile as per a twitter user the attack on Mango Market was to exploit AAVE. AAVE coin price is currently down by more than 91% from the all time high. The ROI of the crypto is 11506% which has benefitted various investors.
AAVE is currently ranked 47th in the CMC and has a market dominance of 0.10%. Volume of the asset price has seen an increase of over 4% in the intraday session. Volume to market cap ratio of AAVE suggests a consolidated trend in price.
Bulls Of AAVE Crypto Are Looking For A Run
AAVE has been in a strong downside trend for the past few weeks. It has seen a decline from $63 to $58 in the past week. On coming to the daily chart the asset price has seen a decline of over 2% and is currently trading near the value of $59.6. The upside trend of AAVE can be seen near $80. Meanwhile, support of the asset price can be seen near $40. The asset price is currently trading below the 50 and 100 Daily Moving Average. There is a downside trend parallel channel formed which can push the price further below.
Conclusion
AAVE is currently seeing a consolidated trend and can see a new high in the future. AAVE has also recently acquired sonar for social media integration.
Technical Levels
Major Support:$50
Major Resistance: $65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/13/aave-price-prediction-does-the-downtrend-of-aave-crypto-price-coming-to-an-end/