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Urb (AAVE/USD) is currently trading at $81.59. The price has increased by 10.32% over the past week, showing daily losses of 0.64%. Despite the recent volatility in the cryptocurrency market, the price of AAVE is on an upward trend.
Sentiment may be maintained, but the total value locked on the DeFi blockchain is decreasing. AAVE’s TVL dropped 7% last week to $4.82 billion. The protocol is currently ranked #4 on DefiLlama’s TVL list and is deployed across seven networks.
Moreover, whale investor activity does not seem to favor AAVE. According to the latest data from Whale Alert, Tron founder Justin Sun has transferred $50 million of his USDT through his Aave protocol to an anonymous wallet. In the past day he has also decreased Aave’s trading. During this period he fell 12% to $128 million.
Other fundamentals of the Aave ecosystem are: GHO stablecoin. The network recently released a whitepaper on digital assets. AAVE described GHO as a flexible, decentralized and composable token designed to maintain a stable value. From a technical perspective, AAVE is struggling to clear critical resistance levels.
Source: Trading View
According to the daily price outlook above, AAVE has moved from $70 on October 14th to its current price of $82. Price is an important level that some have tested. MACD looks bullish on the green histogram, but AAVE is in the overbought zone. So retracements can occur.
AAVE looks bullish right now, but faces a hurdle at $81. But it wasn’t the most appropriate price entry.
The MACD level looks green but AAVE is not out of the woods yet. Price needs to clear the current resistance to welcome bullish sentiment. Otherwise, it could retest the immediate support level of $69.
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