AAVE Jumps 25% on DeFi Market Comeback; Analysts Predict Bull Run


AAVE was trading higher on Friday, continuing a rebound that followed a massive 45 percent price crash between October 15 and 21.

The decentralized finance token rose by up to 9.87 percent to establish an intraday high above $40. Its latest upside move brought its total retracement up by circa 25 percent, leading analysts to predict an extended bullish momentum.

How To Get Free Crypto  

A pseudonymous daytrader said that he expects AAVE/USD to hit $42 in the near-term. Another one went more bullish with his market outlook, stating that the pair deserves to rise by as much as 200 percent in the long run.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

AAVE trade setup, as presented by Limbo. Source: AAVEUSD on TradingView.com

AAVE trade setup, as presented by Limbo. Source: AAVEUSD on TradingView.com

The upside views occurred as most DeFi protocol projects reported recoveries in the price of their native tokens. In the last seven days, the industry as the whole logged an 835 percent rebound after six weeks of depressive price action, according to data fetched by Messari.

AAVE Fundamentals

DeFi tokens also rallied on the news of PayPal entering the cryptocurrency space. After the global payments giant announced that it would enable users to sell, buy, store, and spend digital currencies, the Bitcoin price jumped by almost 11 percent. Simultaneously, the rest of the crypto market, including AAVE, tailed its upside bias.

A renewed demand for DeFi assets was also visible across its liquidity pools. According to data provided by DeFi Pulse, the total valued locked inside the said reserves surged by over $1 billion in the last 48 hours. The AAVE TVL, meanwhile, swelled from $856 million to $1.1 billion.

Coinbase Banner  

Total reserves in AAVE pool surge alongside the price. Source: DeFi Pulse

Total reserves in AAVE pool surge alongside the price. Source: DeFi Pulse

Analysts’ bullish outlook also appeared because of AAVE’s parent project’s long-term aspects as a distributed lending protocol. Also called Aave, the project recently attracted $25 million worth of investment Blockchain Capital, Standard Crypto, Blockchain.com ventures, and others.

Aave CEO Stani Kulechov noted that the raised sum would allow their team to build products for institutions, confirming that new investors would participate in the protocol’s governance and staking. That will require them to hold AAVE.

Election

Macro investor Spencer Noon meanwhile predicted a very bullish outcome for DeFi projects, especially after the US presidential election on November 3. He stated:

“The likely inflection point for DeFi Bull Phase 2 is the election, where there are multiple outcomes that would be favorable for risk assets. Until then, farmers will sit in BTC[becuase] it’s low-maintenance and basically a stablecoin compared to what they were trading this summer.”

AAVE, with its astound fundamentals, will likely rise alongside.

Go to Source
Author: Yashu Gola


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.