- New partnerships made for the Aave v3 protocol.
- Buyers defend the psychological support near $50.
- Prices rose by more than 30% in the past week.
The Aave network plans to unite with the MetisDAO and Bored Ghosts Developing for an Aave v3 deployment. It is a decentralized non-custodial liquidity protocol where users can participate as suppliers, borrowers or liquidators. After the big bang of FTX, the significance of decentralized protocols and non-custodial concepts has strengthened manifolds.
This new upgrade fills the AAVE fans with excitement which is reflected in the price patterns of the token. The holders grew eager to witness the prices reaching the $100 horizon as the protocol advances and the market recovers.
Saying it is one thing, but proving it is another.
The newest network candidate for an Aave v3 deployment is an Ethereum L2 and it's called Metis Andromeda
— Metis
Monoscopic view
The AAVE prices try to break out of the falling parallel channel being formed. The price rally captures all the crucial EMAs and sets new standards. The volume shows buyers taking interest in the protocol as they accumulate the token. The up spiking OBV shows the buying pressure prevailing in the market is positive and can make the rally extend. Respecting the previous swing, the current price rocket can reach near $129.10.
The CMF rises from the baseline to mark the prevailing bullish momentum in the market. The MACD records ascending buyer bars as the lines undergo a bullish divergence, showing an improvement in interest. The RSI shoots to the overbought zone to reflect the buyers’ emotions towards the token.
Microscopic view
The 4-hour time frame suggests the prices facing a staggered rise as the holders placed selling orders to cash out the profits. The CMF moves parallel and closer to the baseline to show a cooled down rally. The MACD starts to record a few sellers entering the market. The RSI oscillates about the ceiling range to image buyer dominance in the AAVE market.
Conclusion
The AAVE token may rally along with the ongoing development in the protocol. Buyers successfully defended the psychological support near the $54 and are trying to form a double bottom pattern. It can be a reason for potential investors to buy the token.
Technical levels
Support levels: $54.5 and $31.3
Resistance levels: $97.5 and $114.7
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.
Source: https://www.thecoinrepublic.com/2023/01/17/aave-v3-development-makes-prices-rally-can-it-reach-100/