Aave Technical Analysis: LEND/USD continues the DeFi craze hitting $1 billion in total locked value, up 18%
- Aave is the second protocol to hit $1 billion in total locked value after Maker Dao.
- LEND/USD technical picture starts to deteriorate following a barrier at $0.65.
The decentralized finance commonly referred to as DeFi continues to hit new highs as if it’s a rocket heading to the red planet, Mars. Aave, a DeFi project is among the biggest gainers in both the value of the token and the total value of the funds locked in 2020. On crossing the massive $1 billion milestone, Aave has also seen significant growth in the price of LEND, the protocol’s official token. LEND is up 18% in the last 24 hours and trading at $0.6053.
The remarkable performance also comes after the Network announced version two of its protocol bring on board a host of new features such as native under collateralized loans/credit delegation, debt trading and better borrowing rates.
Aave has become the second DeFi protocol to hit $1 billion in the total value locked following MakerDAO. At the moment, around $6 billion of cryptoassets are locked in DeFI as per data provided by DeFi Pulse.
Read more: DeFi Rush In Full Swing As Aave Dethrones Compound
Aave Technical Picture
Aave, as aforementioned, is trading at $0.6053. It has retreated from a weekly high at $0.6654 (as shown on Binance). The technical picture appears to be deteriorating fast as observed with a sharp drop in the level of the RSI. Similarly, the MACD is highlighting the bearish case by extending the negative divergence. If support at $0.60 fails to hold, LEND could easily plunge to test support at the ascending trendline. Extended declines would seek refuge at $0.55, the 50 SMA at $0.5196, the 100 SMA at $0.45 as well as $0.35.
Read also: “Actual” Total Value Locked in DeFi is Only About 50% of Reported Value: Analyst
LEND/USD 4-hour chart
LEND Intraday Levels
Spot rate: $0.6053
Relative change: -0.035
Percentage change: -5.38%
Trend: Bearish
Volatility: Expanding
LEND/USD technical picture starts to deteriorate following a barrier at $0.65.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Fri, 21 Aug 2020 03:23:52 +0000
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