Will AAVE Token Price Continue Its Recovery Till the $100 Mark?

AAVE is a defi protocol enabling users to borrow or lend cryptocurrencies. It is a noncustodial lending and flash loan protocol built on the Ethereum blockchain. The AAVE ecosystem provides users with a way to earn interest on their cryptocurrency holdings. Meanwhile, the ecosystem has been observing a decline in deposits and loans over the past few months.

AAVE has also seen a stagnation in the cumulative interest paid and origination fee. The deposits and withdrawals of AAVE as compared to Ethereum mainnet, have also seen a decline. The whales of AAVE have not seen any change in the past few months as per the Coin Market cap. Meanwhile, the token holders have seen a slight rise from the start of 2023. The revenue of the ecosystem has seen a decline of 8% in the past 30 days. The overall TVL of the AAVE is consolidating, nearly $8 Billion.

AAVE has a market cap of $953 Million and is ranked 50th in the crypto-verse. The total treasury of AAVE is nearly $126.2 Million. The V/M ratio of AAVE suggests a consolidated momentum in price.

AAVE Looking For A Strong Recovery

Aave is observing a weak recovery in the daily technical chart. Meanwhile, the weekly technical asset price chart hints toward a weak upside momentum. The asset price is trading near the value of $66.3, with a small gain in the intraday session. There is a U-shaped recovery in the daily chart of the asset price.

The upside trend of AAVE can see a halt near the value of $75.Meanwhile, the asset price support can be near $60.It is trading below the 50 and 100 Daily Moving Averages. A strong upside momentum can be observed if the AAVE jumps above the 50 DMA.

The MACD of AAVE suggests a weak upside trend in price. The Bars and signal lines of the asset price hint toward an upside momentum.

Summary

AAVE TVL has observed a decline in the TVL and revenue in the past 30 days. AAVE price is currently in a weak upside trend and can move to a new high in the future.

Technical Levels

Major Support:$60

Major Resistance:$75