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FxWirePro- AAVEUSD trades higher after Grayscale launches Aave fund, good to buy on dips (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.

 

It allows users to lend and borrow in 17 different cryptocurrencies.

Recent updates

 

We are proud to announce the creation of a new single-asset crypto investment fund, Grayscale AAVE Trust, which will be available through private placement.

Top Defi Dapp in terms of

Name

Category

TVL

Lido

Liquid staking

$23.038 Billion

AAVE

Lending

$11.09 billion

Eigen Layer

Restaking

$11.003 billion

Ether.fi

 

$5.69 billion

JustLend

Lending

$5.68 billion

Any daily close above $155 confirms further bullishness.

 

AAVEUSD  showed a minor pullback after profit booking. The pair holds below the short-term (34 and 55 EMA) and long-term moving averages. It hit a high of $152.48 and is currently trading around $135.76.

 

The bullish invalidation can happen if the pair closes below $70. On the lower side, the near-term support is $115. Any break below targets $100/$85/$70. Breach below $70 targets $50.

 

The immediate resistance stands at around $155. Any breach above confirms a minor pullback. A jump to $173/200 is possible. A surge past $200 will take AAVE to $250.

 

It is good to buy on dips around $130-32 with SL around $115 for TP of $170/$200.

 

 

 

 

 

 

 

 

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