LEND, the native token of Aave’s non-custodial protocol surged by more than 1,000 percent in just three months.
The parabolic rally helped the cryptocurrency establishing an all-time high at $0.384 earlier this week.
Nevertheless, the top formation resulted in profit-taking among daytraders, sending the LEND price lower by 27 percent.
A Santiment report warned about an extended bearish move based on the growing divergence between the LEND price and its number of active addresses.
LEND suffered its most significant decline in nearly three weeks, after rallying by more than 1,000 percent since April 2020.
The uptick in the Aave protocol’s native token came amid a booming craze for decentralized finance projects, aka DeFi. Aave enables LEND users to earn interest in deposits and borrow assets with a stable or variable interest rate. The protocol also offers ultra-short duration, uncollateralized flash loans.
Meanwhile, LEND also surged on a growing number of users of the lending protocol and on the optimism that surrounded its “Credit Delegation” product launch. Bids for LEND tokens further increased owing to venture capital fund ParaFi’s $4.5 million investment into Aave.
LEND price is trading 27 percent lower from its ATH. Source: TradingView.com
All and all, the parabolic rally assisted the token in establishing a record high at $0.384 earlier this week.
LEND Correction
LEND’s all-time peak prompted daytraders to offset part of their bullish positions – to secure short-term profits. The first sign of selling sentiment matured into a more vigorous downside bias. As a result, the LEND/USD exchange rate crashed by as much as 30 percent from its $0.384-top as on July 23.
The Aave token’s plunge also came as Bitcoin, the leading cryptocurrency by market capitalization, drew traders’ attention following its breakout move. The BTC/USD exchange rate on Tuesday closed above its crucial resistance level near $9,300, leading to a new wave of buying enthusiasm in its market.
Bitcoin price corrects lower upon breaching the $9,600-level. Source: TradingView.com
The pair on Thursday established a weekly top just shy of $9,700. Meanwhile, LEND settled a weekly low at $0.266 on the same day.
Disappointing On-Chain Metrics
More on-chain data that explained LEND’s fall include its transaction volume that started falling after June 18. It means that gains recorded after the said date came from retail traders. Moreover, the on-chain activity also shows that addresses are now selling or transferring LEND following its parabolic rally.
Aave active addresses are declining. Source: Santiment
Santiment, a crypto-focused behavioral analysis portal, further noted a growing divergence between the Aave token’s rising price and its falling number of active wallet addresses.
“With a pattern like this, it is definitely best to stay away and wait for signals to neutralize and trend back on to the green side slowly but surely,” the report read.
Analysts at IntoTheBlock, meanwhile, noted that the number of LEND holders is growing once again after dropping earlier in June. That may help the Aave token sustain its upside bias. origin »
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Aave, an Ethereum-based peer-to-peer lending platform, has emerged as one of the top investments in 2020. On Friday, the project’s native token, LEND, was trading 1,500 percent higher on a year-to-date (YTD) timeframe.
In an announcement on Wednesday, confirms a $3 million investment in Aave Protocol, the third-largest DeFi app in total locked value. Framework Ventures and Three Arrows Capital directly purchased LEND tokens from the Aave Protocol Treasury, showing increasing interest from institutional investors in the DeFi industry.
LEND – the native token of the popular Ethereum-based DeFi lending protocol Aave – is seeing a parabolic upswing today upon news of the imminent rollout of multiple new initiatives, as well as the onboarding of several notable investors.
LEND coin is a 111th ranked cryptocurrency on coinmarketcap. Lend is a native cryptocurrency token of a Decentralised protocol – AAVE, Previously known as ETHLEND. ETHLEND rebranded into AAVE last year and introduced new features and functionality in their product.
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Just recently, top Ethereum decentralized finance project Aave began transitioning its native token LEND to a new token called AAVE.
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Aave’s LEND token, along with its new token AAVE, has dropped heavily in the past 24 hours despite stagnation in the Bitcoin and Etheruem price. The coin currently trades down 15% over the past day, underperforming BTC’s mild -0.
Leading decentralized finance (DeFi) coin LEND, the native token of the Aave protocol, is up 5% in the past 24 hours. Its performance comes as the prices of both Bitcoin and Ethereum have stagnated.
Aave has quickly become a flagship product in Ethereum’s DeFi ecosystem.
The post LEND, the DeFi darling up 5,000% in 2020, is about to undergo a critical upgrade appeared first on CryptoSlate.
Coins in Ethereum’s decentralized finance (DeFi) space have seen parabolic growth over recent months that has easily outpaced every other financial market.
The post 5 trends indicate the most undervalued Ethereum DeFi token is Aave’s LEND appeared first on CryptoSlate.
Like other crypto assets, LEND underwent a strong correction last week. The cryptocurrency came under pressure due to Bitcoin and Ethereum diving lower as the legacy market slipped. LEND also suffered from a short-term collapse in DeFi, caused by the exit of Chef Nomi from SushiSwap.
The crypto crash has affected some coins worse than others: LEND, Aave’s governance token, has shed 25% in the past 24 hours. The coin is still far above where it was just months ago, but a 15% drop in 24 hours is nothing to scoff at.