{"id":541326,"date":"2023-07-05T14:00:00","date_gmt":"2023-07-05T14:00:00","guid":{"rendered":"https:\/\/ktsl888.com\/?p=541326"},"modified":"2024-06-11T14:38:22","modified_gmt":"2024-06-11T14:38:22","slug":"aave-records-26-weekly-gain-looks-to-break-key-resistance","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/aave-records-26-weekly-gain-looks-to-break-key-resistance\/","title":{"rendered":"AAVE Records 26% Weekly Gain, Looks To Break Key Resistance"},"content":{"rendered":"
AAVE, one of the most prominent DeFi tokens, has made a bright start to July. The coin is experiencing a price rally, jumping by more than 26% in the past week. Overall, the<\/span> AAVE market seems to be enjoying much attention as shown by recent high whale activity<\/a>.\u00a0<\/span><\/p>\n AAVE has been on a positive run in the past few weeks. Since reaching a yearly low of $50 in mid-June, the token has been on a bullish course, which has seen its value rise by over 53%.<\/span><\/p>\n Related Reading: Lido (LDO) Sustains Weekly Run With 16% Gain \u2013 What Fuels It?<\/a><\/p>\n It is worth noting that the price of AAVE declined for a few days after touching the $75 mark on June 26. This fall caused the token to shed most of its price gain at the time. <\/span>However, the DeFi token appears to have fully recovered from this loss, with its yearly high of $91.73 now in sight.\u00a0<\/span><\/p>\n According to historical price data, there seems to be resistance at the $80 price zone. So the AAVE token would need to overcome this barrier in order to make its way to $90 again. If the coin fails to break this threshold, it could experience a slight retracement to find support at the $70 price level.<\/span><\/p>\n CoinGecko data<\/a> shows that AAVE currently trades at $75.81, losing more than 2% of its value in the past 24 hours. This signals a waning buying pressure, which could hamper the token\u2019s chance of breaking the $80 resistance zone.<\/span><\/p>\n <\/p>\n On July 3, 2023, the Aave community executed a proposal to freeze the TrueUSD (TUSD) reserve on the Aave V2 Ethereum pool. This comes in response to the recent controversy surrounding the stablecoin.<\/span><\/p>\n This proposal<\/a> will prevent users from depositing or borrowing TUSD on the Aave V2 Ethereum pool. \u201cThis AIP (Aave Improvement Proposal) is designed to take a conservative approach to the TUSD situation,\u201d the proposal read.<\/span><\/p>\n Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release<\/a><\/p>\n TUSD jitters started after its technology partner Prime Trust was rumored to have gone bankrupt. These issues were compounded when the embattled Fintech company shut off withdrawals and deposits<\/a> due to pressure from Nevada state regulators.<\/span><\/p>\nAAVE Aims For $90 Again – Price Action\u00a0<\/span><\/h2>\n
AAVEUSD trading at $74.25 | Source: AAVEUSD chart from TradingView<\/a><\/pre>\n
Aave Freezes TUSD Reserve on V2 Ethereum Pool<\/span><\/h2>\n