Popular decentralized finance (DeFi) protocol Aave has been impressive this year, as its AAVE coin surged 18.25% in the last 24 hours.
Like several cryptocurrencies, the AAVE coin hit an all-time high this year but shed off more than half of its value after the crypto market crash. AAVE is currently trading at $326.97.
Aave Coin Price Analysis
The AAVE coin is currently bullish on the trading chart. If the asset’s price continues with this uptrend, it could positively impact holders in the long term.
However, the moving averages are on the verge of a bearish crossover, indicating that bears are attempting a comeback. The long-term price as seen in the 200-day moving average (MA)is looking bearish at $325.54.
Nevertheless, if the price rebounds off the moving averages, bulls may push the price past the $328 resistance level and later to $330.
Although there are signs of a possible downtrend, an upswing is a more likely path that the AAVE coin will follow, following the recent developments taking place on the Aave protocol.
Aave recently integrated the AMPL token of the rebasing cryptocurrency platform Ampleforth. This led to the coin increasing by 57% afterwards. With the AMPL joining the Aave lending ecosystem, users would now be able to lend and borrow AMPL on the platform.
CoinFlip, a major Bitcoin ATM provider with over 2,500 machines across 47 states recently added the AAVE coin to its network. Users can now access the asset on any of CoinFlip’s ATMs.
Earlier this month, Aave announced the possible launch of a regulated version of its lending platform called Aave Pro. This news was first announced during the Next Steps in Institutional DeFi webinar two weeks ago.
Aave wants Aave Pro to be a permissioned liquidity protocol that offers institutions and fintech clients access to decentralized finance (DeFi).
Aave decided to take this route after receiving several requests from institutions. The platform plans to partner with cryptocurrency custody provider Fireblocks on this project. Once this Aave Pro goes live, it will be a significant win for AAVE.
Where to Buy AAVE
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