According to the CoinMarketCap ranking, Aave (AAVE), the 41st largest cryptocurrency in terms of market capitalization, continues to maintain its upward momentum with significant updates. While the cryptocurrency market was trading in the red zone at the end of August, Aave, a resilient DeFi token, has been moving within a stable growth trend for the past 10 days. Outperforming the overall market, the altcoin has also been at the center of significant whale movements in recent times.

Developments on the Aave blockchain support the rise

In a blog post published on August 21, the altcoin announced the ZKsync Era Mainnet integration, expanding its DeFi user base by unveiling new institutional use cases, which is an important step in scalability and privacy. This integration, which is quite critical for security, aims to provide reliable price feeds. The Aave protocol, which offers faster transactions and thus attracts a wider user base, is considered an exciting development in the altcoin team, strengthening the potential of the asset as a future scaling solution.

With this development, which is referred to as Aave V3 process, the altcoin, which has entered a period of stable growth, has attracted significant investor interest as one of the DeFi protocols. In the last month, the altcoin, which has grown by 19%, has seen a 24% increase in Open Interest (OI) rate in the past 24 hours, according to Coinglass data. The 21% increase in volume indicates an increased investor interest in OI support.

Can Aave (AAVE) sustain its rise?

The Aave price has increased by 8 percent in the last 24 hours, reaching $130. Despite some retracement, the altcoin has managed to hold above the $130 level. Its trading volume has increased by 13 percent, and its market value has grown by 9.54 percent, reaching $1,932,119,494 ADB.

Aave technical chart Source: CoinMarketCap The altcoin's price is in an upward trend above the 50 EMA on the technical chart. While +DI is at 24 level in the DMI index, -DI is in the 14 zone, indicating a strengthening upward pressure on the price.

A cryptocurrency moving within a bull channel has its MACD indicator in the positive zone. However, the signal line intersecting the MACD trajectory in an upward direction creates uncertainty for the future price. With the improving market conditions, if the altcoin momentum can be sustained, it may first rise above $135 next month, and then above $150.

The information in the text is for informational purposes only. It does not constitute investment advice. Author and kriptoparahaber.com are not responsible for any profit or loss resulting from your investments. Ultimately, investment is based on various factors such as knowledge, experience, research, and personal decisions.

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