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
Institutions: HBM Expected to Increase in Price by 80%–100% in Q1 Next Year, Long-term Storage Contracts May Be Locked Until 2035
KeyBanc analyst Vinh believes that storage suppliers are significantly shifting capacity towards data centers, and next year, PC and mobile storage supply will drop sharply by 20%-30%. In Q4 this year, both DRAM and NAND are expected to surge by more than 15%. HP and Dell have extended supply agreements until 2031, and Google is negotiating long-term agreements covering up to 2035.
Why Is NEAR Up 10%? Four Protocol Catalysts Behind the 30-Day 120% Rally
Alcoa (AA.US) Q3 Conference Call: Global Aluminum Inventory Only Enough for 42 Days of Consumption, Data Center Construction Continues to Tighten Aluminum Supply and Demand
Financial report data shows that Alcoa's cash generation capacity has strengthened in tandem—the adjusted EBITDA for the third quarter was $789 million, up 192.2% year-on-year compared to $270 million in the same period last year. Operating cash flow increased from $85 million in the same period last year to $643 million, while free cash flow unexpectedly turned from a net outflow of $66 million to a net inflow of $472 million.
Crypto prices
More
