фото показано с : invezz.com

The Aave (AAVE/USD) price jumped to the highest level since June 6 as demand for the ecosystem rose. The token is trading at $356, which was 109% above the lowest level in July. It brings the total market capitalisation to more than $4.5 billion making it the 27th biggest coin in the world.

Aave is the biggest decentralized finance (DeFI) platform in the world with more than $13.97 billion. It is followed by InstaDApp, Maker, and Curve Finance. 

The platform helps people borrow ERC tokens from a pool that is made up of customer deposits. Customers deposit their coins in the platform in order to gain interest. The liquidity protocol has more than $21 billion. 

Aave is made up of three protocols. The AAVE 1 was the first protocol and was followed by AAVE 2. The other 2 are AAVE AMM and AAVE Polygon protocol. 

The AAVE price is jumping today as part of the overall DeFi rally. Other coins like Uniswap, Maker, and Compound have also jumped by more than 5%. 

This price action is probably because of the London hard fork that is happening in Ethereum’s network. This upgrade will reduce the number of Ethers in circulation and introduce the concept of burning. Burning helps to reduce the number of coins in circulation.

The London hard fork is part of the ongoing transition from a proof-of-work to a proof-of-stake technology. The entire process will complete in the first quarter of 2022. This transition is important because it will help to boost the speed of Ethereum’s network and make it more efficient. As a result, it will help apps that are built using the network.

The four-hour chart shows that the AAVE price rose above $347.6, which was the highest point since July 6. The price has also moved above the 25-day and 50-day moving averages. It also rose above the Ichimoku cloud while oscillators like Stochastic and Relative Strength Index (RSI) have kept rising. It has also risen above the upper side of the channel. 

Therefore, the coin will likely keep rising as bulls target the next key resistance at $400. A drop below $320 will invalidate the bullish view.

The post AAVE price prediction as DeFi tokens roar back appeared first on Invezz.

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