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AAVE Price Prediction: Is a New High Coming?

AAVE Price Prediction
AAVE Price Prediction

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AAVE is a decentralized finance (DeFi) platform built on Ethereum that allows users to earn interest, borrow and lend crypto assets. The token native to the AAVE protocol is known as the Aave token (AAVE), which has seen explosive growth in market capitalization in recent months.

Over the past 24 hours, the price of Aave (AAVE) has risen with a trading volume of $309,088,580. At the time of writing, the price of AAVE sits at $84.39, which is an increase of 2.7% from the previous day. The total supply of AAVE sits at 16,000,000 coins, and the circulating supply is 14,000,000. 

The AAVE Token History

In December 2022, the AAVE token, which is native to the money market protocol, began to rebound as the decentralized autonomous organization (DAO) prepared to launch its own stablecoin called GHO. However, this growth was interrupted by the collapse of the FTX cryptocurrency exchange. 

 

Despite this, the token’s recovery is notable in the context of the DeFi market losing nearly $100 billion in total value locked (TVL) during the summer 2022 crypto crash. 

AAVE, formerly known as ETHLend, was founded by Stani Kulechov in November 2017 and raised $16.2 million through an ICO round. In September of the following year, the company rebranded to Aave. In October 2020, Aave introduced its native token, AAVE, as part of its efforts to become a self-governed platform. 

Aave is a protocol for the cryptocurrency liquidity market that allows users to participate as both borrowers and depositors. Depositors can increase market liquidity by depositing their tokens and earning interest. At the same time, borrowers can access stablecoins and cryptocurrencies without needing credit checks or KYC requirements by using their cryptocurrency holdings as collateral.

AAVE Price Analysis: The Positive Trend

The price of Aave has risen from its bottom of $51.69 to $91 in less than a week.

According to the chart above, the AAVE price began to surge from the major support level of $51.18, later confirmed by the moving average crossover at $54.59. The trend may continue slightly higher until sellers enter the market, reaching a resistance level of $98. 

Additional resistance levels at $115.89 and $122.90 may be reached if the bulls continue to push the price up. However, a bearish market may cause the price to drop to $71.19, the first level of support. The key support levels are around $70, $65, and $60. 

AAVE Price Prediction

Based on the technical analysis above, AAVE has the potential to break upwards after the short retracement that might take place. Therefore, our price prediction for AAVE lies at $115 by the first quarter of 2023. However, the bulls might be persistent and aggressively push prices to the third price resistance soon.

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