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.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Sunshine Silver weighs doubling mill capacity
Crypto prices
More
