Aave price aims for $100 as the network reaches $1 million in generated income

  • Aave price has reached a new high at $87.6 in the past 24 hours.
  • The network of Aave has generated $1 million in income in the past week. 

Aave price seems to be reacting positively to the significant income increase generated by the platform, as well as the record of flash loans. Bulls are eying up the $100 psychological level as the next price target.

Aave price only faces one major hurdle before $100

On the 4-hour chart, Aave price is bounded inside an ascending parallel channel facing only one primary resistance level, the upper boundary of the pattern at $88. A breakout above this point would quickly drive AAVE towards $100.

aave price

AAVE/USD 4-hour chart

According to Aave's official announcement, the platform has generated around $1 million in income from a record of $162 million flash loans in the past week. The total volume of flash loans is now higher than $1 billion for the first time ever.

aave price

AAVE New Addresses chart

However, it looks like the number of new addresses joining the network has declined significantly in the past week by around 17%. This metric would suggest that new investors aren't too interested in the digital asset despite its growth. 

Rejection from the upper trendline of the ascending parallel channel can push Aave price towards the lower boundary at $77. A breakdown from this point would drive the digital asset towards $70.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast