After the rain, here comes the rainbow. The cryptocurrency market has been bleeding for the past week, and today marked the first green day. In the past 24 hours, the cryptocurrency market is up so far by 8.6%. Among those coins is Aave, which represents a very promising DeFi project. What is Aave, how’s its price-action acting lately, and is it worth buying?
What is Aave? Should you Buy Aave?
Before we check if Aave is a good investment, we need to understand the underlying technology and promises that come with this coin. Aave is a decentralized lending/borrowing platform. Lenders earn interest by depositing cryptos, while borrowers get the ability to have flash/micro loans, provided they use some cryptos as collateral. Aave holders enjoy discounted fees on the platform, and gives them a say in future development of the project.
During the DeFi hype, Aave was one of the most reputable projects that managed to lock the most funds in its protocol. In addition to its unique lending platform, they offer a choice of about 20 cryptocurrencies to lend and borrow from. “Flash loans” is the main selling point of Aave, giving borrowers the ability to get instant loans. This strong selling point comes with “Flash Payback”, where borrowers are required to pay back within the same transaction. Borrowers can also choose between a variable and a fixed rate.
Aave Price Prediction – What’s going on with this DeFi project?
In the past 24 hours, Aave coin managed to gain more than 20% in prices. This comes after a red crypto week, where most coins in the cryptocurrency market took a breather after an extended uptrend. Aave is currently #17 on the list of the biggest cryptocurrencies with a market cap of USD 4.6 Billion. This coin made more than 20% in the past 24 hours.
Aave was bound for a price shoot, as its price reached the strong support price level of USD 305. Many investors actively look for support/resistance areas and place buy/sell orders accordingly. Aave’s current price is sitting around USD 373, and is eyeing its next short-term target of USD 400.
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