- AAVE’s V3 will offer increased flexibility for users.
- AAVE is on whale alert in anticipation of the rollout.
- Despite showing growth in a bigger frame, its TVL and revenue collected continued to decline.
The Aave protocol and its community are preparing for the rollout of the Aave protocol V3. This venture will particularly target the ETH market, where it may cause a bigger impact. AAVE’s founder, Stani Kulechov, detailed the significance of V3 in his recent tweet, which supported the AAVE price rally.
Now that the @AaveAave Community is preparing for Aave Protocol V3 deployment for Ethereum market
its good time to review why V3 as a flexible architecture is much appreciated
— Stani.lens (
,
Recently, AAVE outperformed MakerDAO in registering new users but lagged in volume. It stood with almost 10 times more users than MakerDAO. Despite showing growth, its TVL and revenue collection was diminishing unceasingly. These new announcements have led the price to rally but at a slower pace as the market is not receiving spiking high demand, but this may change soon.
Here’s what the charts reveal
The price marked a crisp uptrend by the end of November but witnessed suppressed volume. The rising OBV reflects a positive volume pressure which may lead to a price rally in the near term. The price has already penetrated the 20-EMA and aims to capture the higher EMAs very soon. AAVE’s price patterns reflect an uptrend in the bigger timeframe, but the pace is steady due to the ongoing crypto winter.
The RSI indicator slowly escalates to the higher zones to mark a steady uptrend. The CMF indicator also functions above the zero mark to reflect the price rally. The MACD indicator diverged for the bull market but was still closely split.
In the recent hours
The 4-hour timeframe reflects the price moving up by bouncing on the trendline. The CMF indicator, which was below the baseline, now reaches the brim and slopes up. The MACD indicator knots and moves akin to the zero mark, making the market neutral of control. The RSI indicator slopes up to the ceiling border and plans to become overbought.
Conclusion
The price is currently performing in the safe zone and is not very risky. It displays attributes of a very fruitful future, so maybe it’s better to buy more at the everyday dip. It shows recovery from the heavy harm of the tragic situations the market is going through.
Technical levels
Support levels: $50 and $43
Resistance levels: $80 and $86
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/2022/12/05/aaves-advent-calendar-brings-you-newer-surprises-prices-to-rally/