AAVE price doubled with the launch of Aave v3
- AAVE price has posted 43% gains over the past week as the protocol expanded to support six different blockchains in DeFi.
- The non-custodial liquidity protocol offers investors the opportunity to lend, borrow or stake their assets and earn yield from their holdings.
- Analysts are bullish on AAVE price, predicting the next higher high above $250 in the token.
AAVE price is set to continue its uptrend as the protocol expands to six different blockchains in the DeFi ecosystem. Proponents believe AAVE adoption could climb higher with the latest update.
AAVE price ready to climb higher
With the launch of AAVE V3, there is a rapid expansion of the DeFi protocol’s ecosystem. The development team has improved the project’s fundamentals, and the price of the non-custodial liquidity project has climbed in response.
The latest update puts AAVE at the centre of the DeFi ecosystem as it matures and new protocols build on the network. As a blue-chip project, AAVE has witnessed a rise in its adoption, seeing greater numbers of users and on-chain activity. Users can lend, borrow and stake their assets to earn yield from their AAVE holdings.
AAVE price has doubled since March 15, and trade volume witnessed a massive spike of 442%.
The protocol upgraded its DeFi capabilities and made its network accessible to a large number of users through the launch of six blockchains.
AAVE V3 was proposed on November 21, boosting the efficiency of the token and elevating user experience in the DeFi market. Users can create “aTokens” or AAVE tokens to create a deposit, created on one chain and burnt on another.
Users can perform yield arbitrage and exchange assets seamlessly between blockchains.
Analysts have evaluated the AAVE price trend which has witnessed a rally to $250. @venturefounder believes the real battle is between $250 to $300, the next higher high for the token.
$AAVE /USD looking good also. Coming up to test #200DMA at $230, a rejection here is still possible (that would be the 3rd rejection after falling below 200DMA in Oct 2021.
— venturefoundΞr (@venturefounder) March 29, 2022
As previously stated, the real battle is $250-$300 (which would be the next higher high also). pic.twitter.com/grS34tUoYj
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
