Since most of the altcoins have capitalized on Bitcoin’s positive momentum and made a profit, some altcoins have grown more than others on the charts. One such alt that quickly lost its bearish momentum and marked a northerly rise was AAVE… In fact, at the time of writing Defi Token rose by almost 45% on the weekly timeframe.
Interestingly, over the past week, a slight increase in the activity of unique addresses of the DeFi token has indicated a new wave of demand for DeFi… Moreover, the recent report emphasized that “the steady rise in targeted activity could be an early signal of growing confidence in the network and a possible ‘return to shape’ for the DeFi blue-chip.” It also highlighted a + 24.1% increase in daily active AAVE addresses since last Monday.
The growing popularity of some of the best DeFi Assets in the shop indicates another operation as the market has recovered slightly over the past few days. Parallels could be seen with a clear uplift DeFi last year around the same time. Once again, after some minor setbacks, the DeFi idea seemed far from obsolete as the growth of assets like AAVE was greeted with open arms by the industry.
AAVE is one of the few altcoins that has already retested its support, after which it moves up again.
Analyst and trader Scott Melker is one of those who have been watching Aave since the beginning of this month. Melker’s recent tweet highlighted that Aave recently suffered a death cross on his USDT chart. However, the analyst was quick to discard the effect of the same against the constant growth of the viola.
“Here! The power of the cross of death!
What to expect? Has it (AAVE) gone up? Death crosses – lagging indicators? Oh, okay, scratch it. “
Interestingly, the viola rally aligns with the platform’s plan to launch the Aave Pro. This will manage the individual allowed pools of whitelisted users who have passed the KYC protocols.
Aave, the largest DeFi lending protocol with over $ 16bn worth of locked-down cryptocurrency assets, will remove a major hurdle for regulated institutions involved in decentralized finance (DeFi) following the launch of Aave pro.
After heading south until June 26, Aave posted positive gains as its price rose nearly 83%. Melker also highlighted the positive gains for the cryptocurrency in a series of tweets, where he pointed out that the alt is “fully installed” against BTC. Aave’s recent price hike took away from the viola Return on investment in 7 days grew by 41.81%.
Fully upright. pic.twitter.com/WRyPjj6e7q
– The Wolf of All Streets (@scottmelker) July 5, 2021