Crypto News

AAVE price keeps pushing higher but for how long?

AAVE price keeps pushing higher but for how long?
Image by Gerd Altmann from Pixabay
  • AAVE Price continues its uptrend by noting a decent increase
  • Several behind-the-scenes developments warrant minor bullish momentum
  • Top markets remain volatile, potentially negating AAVE’s uptrend soon

BELGIUM (CoinChapter.com) — Today is a very intriguing day for a lot of cryptocurrency markets. Mainly popular DeFi tokens are shooting up in value. Aave Crushes the competition thanks to solid AAVE price gains, primarily fueled by behind-the-scenes developments and partnerships.

Also read: Polygon bulls take a nap as a triangle setup threatens 50% MATIC price crash

AAVE Price Skyrockets

Although both Bitcoin and Ethereum show little positive momentum, there is little to be excited about alright now. However, looking beyond those two currencies, things get a lot more exciting. Most of the top altcoins and DeFi tokens note stronger market momentum. That is interesting for several reasons and may signify things to come for the more significant crypto assets by market cap. For now, it remains essential to evaluate every market individually, though.

AAVE Price, AAVE price keeps pushing higher but for how long?
AAVE / USDT Price chart by Tradingview.com

Taking AAVE as an example, the market notes very bullish momentum, more so than most other DeFi assets. Although it is not uncommon to see a near 10% price increase, this momentum has been brewing for a while. AAVE has a weekly performance of +47.96%, signaling a potential market recovery. The big question is whether the AAVE price can close above the MA200 today. Assuming that is the case, this may be the beginning of an exciting uptrend.

Behind-The-Scenes Developments

Contrary to most other crypto assets, Aave has a barren subReddit. The last posts date back to a month ago or longer, which is highly unusual. There is no talk of the AAVE price either, which is even more strange to witness. Given some of the recent behind-the-scenes development, one would expect to see a lot more activity here. For now, that is not the case just yet. 

Speaking of developments, Aave has signed a strategic collaboration with the EPNS project. As a result of this partnership, Aave users will be able to subscribe to decentralized push notifications. Secondly, Aave’s team will help EPNS improve scalability, security, and usability. Such an approach can benefit both parties and give birth to some new use cases and ideas. 

The more significant news is how the team has unveiled a new project that caters to the needs of institutional lending participants. Known as Aave Pro – launching later in July –  the project can help expose institutions and fintech providers to decentralized finance. In the current state, DeFi is a wild industry that offers few custom-tailored options. Aave Pro may help change that narrative in the future. Initial liquidity pools include Bitcoin, Ether, USD Coin, and AAVE. 

Closing Thoughts

As promising as the current AAVE price momentum may seem, it remains unclear whether it will remain in place. The announcement of its institutional-oriented solution can prove beneficial to DeFi and introduce much more liquidity. Getting more people excited about decentralized finance is never an easy feat. Moreover, some traders expect this AAVE price momentum to reverse soon, which is something to keep an eye on.

A lot of this market’s momentum stands or falls depending on where Bitcoin and Ethereum head next. A temporary uptrend can materialize at any moment, yet sustaining momentum over longer periods is a tall order. As Bitcoin and Ethereum begin showing signs of weakness once again, this AAVE price trend may not remain in place for much longer. 

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JP Buntinx_CoinChapter
Jean-Pierre Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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