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Aave AAVE/USD has weakened from $414 below $305 since the beginning of September 2021, and the current price stands around $320. The cryptocurrency market remains under pressure this Friday, and if Bitcoin falls again below the $45000 support, it would add further pressure to the whole cryptocurrency market.

Aave is a decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors earn a passive income by providing liquidity, while borrowers can borrow on this popular DeFi lending protocol.

Aave has an even more limited supply than Bitcoin; it is running on the Polygon blockchain while coin owners actively contribute as part of the community to this protocol and its governance. Aave has migrated to Polygon from the Ethereum blockchain because Polygon better solves the issues of slow block confirmations and high gas fees.

Aave has experienced tremendous growth in its user activity this year and has become an important part of the Decentralized Finance (DeFi) movement. Aave, Sushi, Curve, and PoolTogether recently announced a $100 million DeFi adoption initiative with a mobile platform for financial dApps under the name Celo.

This partnership aims to make DeFi services accessible to 6 billion people on the planet who own a smartphone with an internet connection. Another positive news is that SEBA Bank, a FINMA licensed Swiss Bank announced last month that it is expanding its products offering into DeFi with support added for Aave (AAVE) and Chainlink (LINK).

“Investor interest in digital assets is growing rapidly, and many want to go beyond bitcoin. SEBA Bank offers investors bespoke access to the return drivers and diversification benefits of this new asset class,” said Alistair Heggie, COO of SEBA Bank.

The fundamentals of this cryptocurrency continue to improve, but probably it is not the best moment to buy AAVE. The cryptocurrency market is losing its value; Bitcoin’s price went below $43000 on Tuesday, and the price of AAVE remains under pressure.

The cryptocurrency market is losing its value this Friday, the price of Aave (AAVE) can weaken even more in the upcoming days, and probably it is not the best moment to invest in this cryptocurrency. It is also important to mention that Aave (AAVE) is correlated with the price of Bitcoin, and because of this, traders should also have Bitcoin on their “watch list.”

If the price falls below $300 support, the next price target could be around $280 or even below; still, if the price jumps above $350, we have the open way to $370.

Aave (AAVE) has extended its correction from the recent highs registered in the third week of August and technically looking, the price of this cryptocurrency could fall even more in the upcoming days. AAVE is currently trading around the $320 level, but if the price falls below the $300 support, it would be a strong “sell” signal.

The post Aave has weakened more than 20% since the beginning of September. Should I buy this cryptocurrency at the current price? appeared first on Invezz.

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