FxWirePro- AAVEUSD (Chart of the day)
Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an over-collateralization (perpetually) or under-collateralized (one-block liquidity) fashion.
AAVEUSD was one of the best performers this week.
Any daily close above $155 confirms further bullishness.
AAVEUSD surged sharply more than 20% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $130 and is currently trading around $129.43
The bullish invalidation can happen if the pair closes below $70. On the lower side, the near-term support is $96. Any break below targets of $85/$70. Breach below $70 targets $50.
The immediate resistance stands at around $135. Any breach above confirms a minor pullback. A jump to $155 is possible. A surge past $155 will take AAVE to $173/$200.
It is good to buy on dips around $120 with SL around $100 for TP of $170/$200.
