AAVE Breaks Resistance as DeFi Market Hits Record $219B Size
Aave AAVE$289.01, the native token of the largest decentralized finance (DeFi) lending protocol, strongly rebounded from last week's lows breaking through key resistance levels on Friday afternoon.
The token gained another 2% over the past 24 hours and is up 6% this week. It has established support at the $284-$285 levels, while it's currently consolidating around $290.
The move occurred as the broader crypto market rallied, with gains across the board and bitcoin BTC$122,334.34 breaking above $122,000, inching closer to its August record high. The broader DeFi market also accelerated, hitting a $219 billion in assets across protocols, a fresh record level, DeFiLlama data shows.
Deposits on Aave also climbed to a record $74 billion, cementing its top position among DeFi protocols, per DeFiLlama data. The platform enjoyed fresh inflows due to a recent partnership with up-and-coming stablecoin-focused chain Plasma. The Plasma lending market on Aave swelled above $6 billion in less than a week.
Technical Analysis Shows Strong Momentum
Technical indicators point to upside potential despite short-term profit-taking pressure at current levels, the CoinDesk Data research model shows. However, resistance levels hold firm between $290-$294 following repeated rejections.
- Price gains 2.33% in 24-hour session.
- Trading range spans $15.17 between $279.16 and $294.33 extremes.
- Volume spikes to 143,188 units, well above 37,000 average.
- Support level confirmed at $284-$285.
- Resistance zone established between $290-$294.
- Intraday high reaches $290.37 before reversal.
- Consolidation pattern develops at current levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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