AAVE Soars 18% Amidst Adverse Market Conditions

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,148,148,398,129	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,148,148,398,129

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-137.63	-0.24%	58,321.23	58,319.56	58,324.31

Price Change

Price Change %

Current Price

Bid Price

Offer

-137.63

-0.24%

58,321.23

58,319.56

58,324.31

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,718.37	58,227.11	58,429.60	58,458.86	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,718.37

58,227.11

58,429.60

58,458.86

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:22:38	0.010000	58,320.75	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:22:38

0.010000

58,320.75

USD

Price x Volume	Volume	Base Symbol	Related Pairs
52,150,811.61	892.30	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

52,150,811.61

892.30

AAVE Soars 18% Amidst Adverse Market Conditions – Details

18/08/2024 4:00pm

NEWSBTC

With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. According to CoinGecko, the token is up over 18% since last week, a sign that AAVE is continuing the market’s bullishness despite the latter grinding to a near stop. Related Reading: Polkadot (DOT) Investor Confidence Falls As Token Loses 16% AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter’s rollup capabilities to keep transactions cheap for users. Yes To Aave v3 Activation On zkSync Aave v3’s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain. It was first outlined back on June 11th, citing zkSync’s scalability and efficiency while “maintaining the security and decentralization of the Ethereum mainnet… Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.” Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network’s scalability. The voting process for the proposal is still ongoing, but the general consensus at the moment is an outstanding “Yes” for the community with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving more time for users to weigh in the pros and cons of the activation. Secured Levels Open Opportunities For AAVE As of writing, AAVE returned to its pre-August level at $110.43, opening the potential of reaching $124 in the short term. But this also opens the question of whether the crypto has momentum to reach this price target. The $105-$115 price range opens the door to higher levels once bullishness resumes. With the market stagnating after a couple of days of bullish action, we might see the coin rest on this price level before a continuation rally occurs next week. Related Reading: Cosmos Price Analysis: Why This Analyst Says ATOM Has ‘A Great Chart’ However, this movement is hinging on the probability that the market resumes its bull run. If the market sentiment continues to encourage selling, we might see the token return to pre-$100 levels in the coming days, possibly to the $93 floor price. But the current relative strength index (RSI) figures suggest that AAVE still has some wiggle room to squeeze some short-term gains. Along with improving macroeconomic factors, we might see another wave of capital inflow from budding retail investors trying the market out for some time. Investors and traders should be positive within the coming days, as the token stabilizes around the current price range to retain momentum for the long term. Featured image from Shrimpy Academy, chart from TradingView

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