Decentralized finance coins have been booming in recent months, following the increased popularity and demand for DeFi products. Aave is one of the largest decentralized finance platforms, and the coin has been making gains that have enabled it to create new monthly highs.
AAVE is trading at $408.67 at the time of writing after a 13.6% gain in 24 hours.
AAVE Price Analysis
AAVE’s uptrend this month has not been as phenomenal as other altcoins. However, it has shown great resilience and has created new gains that have enabled it to recover from the July 20 lows.
There is a high chance that the uptrend will continue because market support is currently high, and traders are boosting buying pressure. If there is a further upswing, the token will retest the upper resistance levels of $410 and $412. If buying pressure and market support hold, the coin could create an upswing beyond $420. However, the coin has a long way to go before reclaiming an all-time high beyond $600, which will depend on strong buying pressure.
On the other hand, market support has shown signs of weakening in the past, and the current levels could fail to hold. In this case, lower support levels of $405 and $395 could be retested again. The broader market remains bullish, which could see buyers accumulate more AAVE during the dip; hence the upswing could hold.
AAVE has a potential for growth because it is one of the most dominant DeFi coins. The decentralized finance sector has been booming because of growing user demand. With the token having been in the sector for a long time, it is well-positioned to offer some of the biggest DeFi offerings.
AAVE is among the leading DeFi projects on Ethereum that have collaborated to launch DeFi for the People. This is a new initiative focused on bringing decentralized finance to more than 6 billion people globally who use smartphones. The new initiative will be developed on Celo.
Where to Buy AAVE
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