The Aave price jumped in the American and Asian session as demand for Decentralized Finance (DeFi) products continued to rise. AAVE price has recovered by 45% from last week’s low of $310 to $447. It is just 22.8% below its all-time high of $580.
What happened: Aave is a leading decentralized finance platform that helps people offer and get loans. The platform has more than $11 billion in its liquidity pool and more than $8.22 billion in total value locked. This makes it the third-biggest DeFi project by TVL after Maker and Compound. The Aave price has surged as the industry remains resilient.
Data compiled by DeFi Pulse shows that the total value locked in the ecosystem has surged to more than $63 billion. Aave has also risen as the number of transactions rise after the launch of Polygon. The number of accounts have surged to more than 21,000 while transactions have risen by 50%. So, what next for Aave prices?
Aave price forecast
The Aave price has surged recently, as shown on the four-hour chart below. Their prices has surged above the 25-day and 50-day exponential moving averages and is approaching the important resistance at $486. It has also moved above the neckline of the double-bottom at $413. Therefore, at this point, the path of the least resistance for the currency is to the upside. The initial target is at the resistance at $486, which is 8.8% above the current price. On the flip side, a decline below the support at $413 will invalidate the bullish thesis.