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Aave price has been in a strong bullish trend in the past few weeks as demand for blue-chip DeFi tokens has risen. It surged to a high of $83, which was about 25% above the lowest level this month. As a result, its total market cap has grown to more than $1.15 billion, making it one of the biggest DeFi tokens in the world. So, should you buy Aave?
Is Aave a good buy?
Aave is one of the biggest DeFi protocols in the world. It is a non-custodial platform that makes it possible for people to borrow and provide liquidity. While Aave is primarily an Ethereum platform, it also operates in other chains like Avalanche, Optimism, Polygon, Arbitrum, Fantom, and Harmony.
According to DeFi Llama, Aave has a total value locked (TVL) of more than $5.13 billion. Including the total borrowed, staking, and pool2, the TVL is over $8.22 billion. This is a substantial amount since Aave was started just a few years ago.
The most recent crypto news was that Justin Sun decided to withdraw about $100 million worth of USDT tokens from the network. This withdrawal was likely connected to a recent ba of Justin Sun for dealing with Tornado Cash. Tornado was sanctioned by the American government because of its privacy features.
Analysts believe that Aave is a good coin to invest for two main reasons. First, the recent crypto crash has stress-tested the network to the core. This means that it has a higher probability of survival compared to other smaller platforms.
Second, the upcoming yield-generation stablecoin will likely be a positive catalyst for the network. The coin, known as GHO, will be used to improve features provided by the lending platform. In addition, it will be offered to users to allow them to mint the token against supplied collateral.
Aave price prediction
The daily chart shows that the AAVE price has been in a strong bullish trend in the past few weeks. As it rose, it managed to move above the important resistance level at $80.43, which was the highest level since October 6.
Aave has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, Aace will likely continue rising as bulls target the next psychological level at $100. A drop below the support at $80 will invalidate the bullish view.
How to buy AAVE
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy AAVE with eToro today
Disclaimer
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients' funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy AAVE with OKX today
Disclaimer
The post Is AAVE token a good crypto to buy today? appeared first on CoinJournal.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.