{"id":636298,"date":"2024-08-18T15:00:22","date_gmt":"2024-08-18T15:00:22","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=636298"},"modified":"2024-08-18T10:26:24","modified_gmt":"2024-08-18T10:26:24","slug":"aave-soars-18-amidst-adverse-market-conditions","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/aave-soars-18-amidst-adverse-market-conditions\/","title":{"rendered":"AAVE Soars 18% Amidst Adverse Market Conditions &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. According to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/aave\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, the token is up over 18% since last week, a sign that AAVE is continuing the market\u2019s bullishness despite the latter <\/span><a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">grinding<\/span><\/a><span style=\"font-weight: 400\"> to a near stop.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/polkadot-dot-investor-confidence-falls-as-token-loses-16\/\" target=\"_blank\" rel=\"noopener \">Polkadot (DOT) Investor Confidence Falls As Token Loses 16%<\/a><\/div>\n<p><span style=\"font-weight: 400\">AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter\u2019s rollup capabilities to keep transactions cheap for users.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Yes To Aave v3 Activation On zkSync<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Aave v3\u2019s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain. It was first outlined back on June 11th, <\/span><a href=\"https:\/\/governance.aave.com\/t\/arfc-deployment-of-aave-on-zksync\/17937\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">citing<\/span><\/a><span style=\"font-weight: 400\"> zkSync\u2019s scalability and efficiency while \u201cmaintaining the security and decentralization of the Ethereum mainnet\u2026 Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network\u2019s scalability.\u00a0<\/span><\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/XWEc6eAI\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">AAVE market cap currently at $1.6 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The voting process for the proposal is still ongoing, but the general consensus at the moment is an <\/span><a href=\"https:\/\/app.aave.com\/governance\/v3\/proposal\/?proposalId=153\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">outstanding<\/span><\/a><span style=\"font-weight: 400\"> \u201cYes\u201d for the community with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving more time for users to weigh in the pros and cons of the activation.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Secured Levels Open Opportunities For AAVE<\/span><\/h2>\n<p><span style=\"font-weight: 400\">As of writing, AAVE returned to its pre-August level at $110.43, opening the potential of reaching $124 in the short term. But this also opens the question of whether the crypto has momentum to reach this price target.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The $105-$115 price range opens the door to higher levels once bullishness resumes. With the market stagnating after a couple of days of bullish action, we might see the coin rest on this price level before a continuation rally occurs next week.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/cosmos-price-analysis-why-this-analyst-says-atom-has-a-great-chart\/\" target=\"_blank\" rel=\"noopener \">Cosmos Price Analysis: Why This Analyst Says ATOM Has \u2018A Great Chart\u2019<\/a><\/div>\n<p><span style=\"font-weight: 400\">However, this movement is hinging on the probability that the market resumes its bull run. If the market sentiment continues to encourage selling, we might see the token return to pre-$100 levels in the coming days, possibly to the $93 floor price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But the current relative strength index (RSI) figures suggest that AAVE still has some wiggle room to squeeze some short-term gains. Along with <\/span><a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/expert-explains-why-central-banks-are-cutting-rates-3576497\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">improving macroeconomic<\/span><\/a><span style=\"font-weight: 400\"> factors, we might see another wave of capital inflow from budding retail investors trying the market out for some time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Investors and traders should be positive within the coming days, as the token stabilizes around the current price range to retain momentum for the long term.\u00a0<\/span><\/p>\n<p><em>Featured image from Shrimpy Academy, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. According to CoinGecko, the token is up over 18% since last week, a sign that AAVE is continuing the market\u2019s bullishness despite the latter grinding to a near stop.\u00a0 Related Reading: Polkadot (DOT) Investor Confidence Falls As Token Loses 16% AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter\u2019s rollup capabilities to keep transactions cheap for users.\u00a0 Yes To Aave v3 Activation On zkSync Aave v3\u2019s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain. It was first outlined back on June 11th, citing zkSync\u2019s scalability and efficiency while \u201cmaintaining the security and decentralization of the Ethereum mainnet\u2026 Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.\u201d Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network\u2019s scalability.\u00a0 The voting process for the proposal is still ongoing, but the general consensus at the moment is an outstanding \u201cYes\u201d for the community with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving more time for users to weigh in the pros and cons of the activation.\u00a0 Secured Levels Open Opportunities For AAVE As of writing, AAVE returned to its pre-August level at $110.43, opening the potential of reaching $124 in the short term. But this also opens the question of whether the crypto has momentum to reach this price target.\u00a0 The $105-$115 price range opens the door to higher levels once bullishness resumes. With the market stagnating after a couple of days of bullish action, we might see the coin rest on this price level before a continuation rally occurs next week.\u00a0 Related Reading: Cosmos Price Analysis: Why This Analyst Says ATOM Has \u2018A Great Chart\u2019 However, this movement is hinging on the probability that the market resumes its bull run. If the market sentiment continues to encourage selling, we might see the token return to pre-$100 levels in the coming days, possibly to the $93 floor price.\u00a0 But the current relative strength index (RSI) figures suggest that AAVE still has some wiggle room to squeeze some short-term gains. Along with improving macroeconomic factors, we might see another wave of capital inflow from budding retail investors trying the market out for some time.\u00a0 Investors and traders should be positive within the coming days, as the token stabilizes around the current price range to retain momentum for the long term.\u00a0 Featured image from Shrimpy Academy, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":636310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79511,89981,142,428,6664],"class_list":["post-636298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-aave-protocol","tag-altcoins","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"\n<title>AAVE Soars 18% Amidst Adverse Market Conditions<\/title>\n<meta name=\"description\" content=\"With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. 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