FxWirePro- AAVEUSD Daily Outlook

Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an over-collateralization (perpetually) or under-collateralized (one-block liquidity) fashion.

Recent updates -

Aave V3 is debuting on Era Mainnet, powered by zksync unlocking unprecedented scalability, privacy, and security while expanding the DeFi user base and new institutional use cases .(source Aave Labs Twitter).

According to Lookonchain, a whale bought over 50000 AAVE tokens and 11101 tokens on Aug 21st.

AAVEUSD was one of the best performers in the past two weeks.

Any daily close above $155 confirms further bullishness.

AAVEUSD  showed a minor profit booking after jumping more than 55%. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $130 and is currently trading around $129.43

The bullish invalidation can happen if the pair closes below $70. On the lower side, the near-term support is $96. Any break below targets of $85/$70. Breach below $70 targets $50.

The immediate resistance stands at around $145. Any breach above confirms a minor pullback. A jump to $155 is possible. A surge past $155 will take AAVE to $173/$200.

It is good to buy on dips around $120 with SL around $100 for TP of $170/$200.