AAVE/USD achieved a high of $97.38 less than 24 hours after trading at $86.41.
At 39.48, the RSI is not far from the next ceiling of 43.
Aave is one of the most well-known decentralized financial liquidity protocols. Crypto-collateralized lending and borrowing are possible on this platform, which seems to be beneficial for populations with weak national currencies.
Since its inception in 2017, Aave has allowed lenders to deposit any amount of bitcoin into its several liquidity pools. These coins are then pooled together to make them accessible to potential borrowers. The deposited and borrowed cryptocurrency then generate interest for the lenders.
Aave makes crypto-denominated loans available to customers. As long as they put up the requisite amount of cryptocurrency as collateral, they may secure a loan without a lengthy credit or KYC verification process. When it comes to the decentralized social media network Lens Protocol operated by DeFi lender Aave, it is now active on the Polygon mainnet.
Bulls Dominate Bears
With Friday’s advances putting prices close to their highest level in over two weeks, the AAVE index also gained the second consecutive day. AAVE/USD achieved a high of $97.38 less than 24 hours after trading at $86.41 earlier yesterday, representing a 10% increase. The price of AAVE reached its highest point on Friday since it peaked on May 10 at moreover $120.
In response to the current market consolidation, which has seen prices between $80 and $95, the 10-day moving average has started sideways. In the long run, this might be good news for bulls who are expecting an upward crossing in the next several weeks. At 39.48, the RSI is not far from the next ceiling of 43, which is expected to be challenged when this bullish feeling is strongest.