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AAVE Price Adds 10%, AAVE/USDT May Break $210

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Aave crypto price analysis
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The Aave price is among the many DeFi tokens that sprung back to life after a temporary slump. Tracking Ethereum and mirroring the DeFi Total Value Locked (DeFi), AAVE prices remain bullish in the medium term. They could print new all-time highs if buyers overcome immediate sell walls.

As of writing on Jan 23, the AAVE price is trading at around $202, adding 10 percent on the last day, pushing weekly gains to over 30 percent. Notably, the DeFi token is outperforming BTC and posting gains versus ETH.

Despite the price revival, participation levels remain low. According to trackers, the average daily trading volume for AAVE is down 34 percent, to around $397.5 million or 1.9 billion AAVE tokens. However, a breakout above 2021 highs may trigger FOMO, resulting in higher prices and trading volumes.

AAVE Price Overview

The AAVE/USDT price remains mostly in range, capped on the upside at $210—2021 high. On the lower side, support lies at $150—the Jan 22 bull bar’s lows and the 20-day moving average.

Candlestick arrangements support buyers. Still, the AAVE/USDT trajectory depends on the reaction at $210 and $150, key levels that determine the rapidity of price action in the future. A surge past $210 opens up AAVE for a new all-time high.

Meanwhile, losses below $150 may cause a sell-off, confirming Jan 21 bear bar as AAVE prices will probably halve to $100 if bears flow in a dump down.

Buyers will have more control if the break above $210 (the current consolidation) is with high trading volumes exceeding those of Jan 21, nullifying bear pressure from an effect versus results point of view.

AAVE Market Movers

The Aave DeFi dApp is one of the most popular. As a lending protocol, the platform locks $3.38 billion of digital assets only tracking Maker in the TVL leaderboard.

The TVL crossing above $3 billion is an achievement, according to observers.

In the spirit of DeFi, the protocol continues to evolve, building and improving the user interface, catering to their increasing user base needs.

Charged Particles, which it says is a building block for DeFi and NFT, received funding from Aave. Through the Charged Particles, users can earn interest on their NFTs by charging them with DAI or any other ERC-20 token.

Besides integrating with other projects, solving real-world problems, Aave plans to launch on Layer-2, lowering the cost of Gas for DeFi users.

AAVE Price Prediction

AAVE Price Adds 10%, AAVE/USDT May Break $210

The AAVE/USDT is in range mode, but the uptrend remains firm. This is because prices are still oscillating within Jan 2021 trade range.

$210 is a buy trigger, a sell wall that has been capping bulls in the last week of trading.

A high volume break above $210 may push AAVE to new all-time highs. The possible target is $270, the 3.618 Fibonacci extension of the Nov to Dec 2020 trade range.

On the lower end, steep losses below the 20-day moving average and Jan 22 lows could see AAVE/USDT slide back to $150 and $90 in a retest. $90 is the highs of the Nov to Dec 2020 trade range.

For confirmation, the breakout in either direction should be with high trading volumes exceeding those of Jan 21 (Binance data).

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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