Aave price surged by 16 per cent in yesterday’s trading session. Its trading volume in the past 24 hours has also surged by more than 70 per cent, which may have played a part in the surge. However, in today’s trading session, the prices are down by a percentage point.
In the past few weeks, Aave’s price has been on the rise, going against the current aggressive bearish trend in the cryptocurrency market. Part of the reason for the bullish push has been its continued gain in popularity in the industry and being among the market leaders in the Decentralized finance industry.
Today, the platform boasts of having over $5 billion in total value locked, a market capitalization of over $1 billion, and is currently ranked as the 44th largest cryptocurrency. The platform has also become one of the largest decentralized lending platforms, allowing users to earn interest from borrowers.
Aave price hit the resistance level on June 9, which started a strong and aggressive three-day bear run. However, in yesterday’s trading session, the prices reversed aggressively to the upside, surging by 16 per cent. The aggressive move to the upside came after Aave saw its trading volume increase by more than 70 per cent within the session.
However, since then, the prices have started to come down, and in today’s trading session, Aave is trading 1 per cent below the opening price. It is also looking likely to continue with the strong bearish trend throughout the session. Its trading volume is also looking likely to take a hit in today’s trading session, which may result in further price drops in the next few trading sessions.
Therefore, my Aaave price prediction expects the price to continue dropping, and it is likely that it will hit the $65 price level in the long term. My analysis will, however, be invalidated should the price reverse and move past the $83 resistance level.
This post was last modified on %s = human-readable time difference 10:52