Aave Market Report: LEND/USD on retreat from all-time high

Aave's LEND is one of the best-performing digital tokens out of top-100 on Tuesday. The coin hit the all-time high at $0.7682 during early Asian hours and retreated to $0.6880 by press time. The token has gained over 20% in the recent 24 hours, though the bullish momentum has been fading away

Aave goes ballistic

According to the data provided by DeFi Pulse, the total value locked in the protocol increased by over 170% since the beginning of the month and surpassed $1.3 billion. The strong growth followed the announcement of the upcoming features and the scheduled release of Aave V2 that will have new functionality, including margin trading, vote delegation and swap capabilities for borrowers and lenders. 

Also, Aave recently announced the release of decentralized protocol governance testnet, dubbed “Aavenomics”. Once it goes live, the exiting LEND tokens will be converted to AAVE tokens at a rate of 100:1. The holders will be able to use staked AAVE governance tokens as insurance for potential liquidity provider losses. 

As the FXStreet previously reported, the project is highly praised by the community members.

LEND/USD: The technical picture

While the long-term picture remains positive, LEND retreated from the recent high and moved below the middle line of 1-hour Bollinger Band. The downside correction may be extended towards 1-hour SMA100 at $0.5960 before new buyers pop in. If the above-said support gives way, the lower boundary of the previous consolidation channel of $0.5200 will come into focus.

On the upside, a recovery above $0.7000 is needed to improve the short-term technical picture and bring the recent high of $0.7682 into focus.

LEND/USD 1-hour chart

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