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Cryptocurrency News Articles
Aave (AAVE) Price Analysis: AAVEUSD Surges 20% This Week, What's Next?
Aug 21, 2024 at 07:06 am
Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers.
Aave is a decentralized non-custodial liquidity protocol. Users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income. At the same time, borrowers can borrow in an over-collateralization (perpetually) or under-collateralized (one-block liquidity) fashion.
AAVEUSD was one of the best performers this week. Any daily close above $155 confirms further bullishness.
AAVEUSD surged sharply more than 20% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $130 and is currently trading around $129.43
The bullish invalidation can happen if the pair closes below $70. On the lower side, the near-term support is $96. Any break below targets of $85/$70. Breach below $70 targets $50.
The immediate resistance stands at around $135. Any breach above confirms a minor pullback. A jump to $155 is possible. A surge past $155 will take AAVE to $173/$200.
It is good to buy on dips around $120 with SL around $100 for TP of $170/$200.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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