Aave is an innovative decentralized finance platform that enables users to borrow and lend cryptocurrency with 20 various assets as collateral.
The platform features AAVE, which acts as a governance token and empowers the community to participate in decision-making processes. Lenders can earn interest by providing liquidity, while borrowers can secure loans by collateralizing their cryptoassets. It’s a mutually beneficial arrangement for all parties!
Price Today
As of 16 March 2024, the current price of AAVE is $86.88, with a trading volume of $116,400,500.57 over the past 24 hours. This indicates a 4.41% increase in price within the last day while experiencing a -26.30% decline over the past week.
Aave has a circulating supply of 15 million AAVE tokens, resulting in a market capitalization of $1,298,083,732.
Technicals of AAVE
The price has broken the descending triangle. Currently, the price is tested by the triangle successfully. We can expect a bounce from this point.
The market conditions are mixed, appealing to short-term and long-term traders. For swing traders, consider buying near the $80 support level and selling at $98 for a potential 20% gain if the price rebounds from oversold.
Alternatively, trend traders should wait for the price to surpass the 200-day moving average at $98 to confirm a bullish trend before entering the market.
Keep an eye on the MACD and RSI indicators for any momentum shifts, and set alerts for price movements near the key levels at $80, $105, $130, and $150.
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Price Prediction
Brace yourself because the lowest trading price might be $89.67, but the highest could reach up to $97.59 in that month. On average, analysts anticipate Aave’s worth to be about $93.15. Potential Return on Investment (ROI) 9.1%.
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Price History
In the past month, AAVE has seen a significant 25.74% increase, adding around $21.55 to its value. This sudden surge could make it a strong investment if the growth continues.
The lowest price ever paid for AAVE was $26.02 on Nov 05, 2020 (over 3 years ago). Currently, the price is 236.10% higher than this record low.
On the other hand, the highest price ever paid for AAVE was $661.69 on May 18, 2021 (almost 3 years ago). The current price is 86.78% lower than this all-time high.
Conclusion
To sum it up, Aave is a platform in the world of decentralized finance where people can borrow and lend cryptocurrency by using different assets as collateral.
As of March 16, 2024, the price of AAVE stands at $86.88, indicating some recent ups and downs. According to technical analysis, there’s a possibility of a bounce back from the current levels.
For traders, it might be worth considering short-term strategies around the $80 support level and long-term strategies above the $98 moving average.
Analysts predict that in May 2024, AAVE could trade between $89.67 and $97.59, with an average of $93.15. This offers a potential return of 9.1%.