In brief:
The DeFi blue-chip token of Aave (AAVE) is up by over 18% in the last 24 hours.
According to Coinmarketcap, Aave (AAVE) opened the day at around $124 reaching a local peak of $147.34 only moments ago. This translates to an 18.82% increment in value by Aave (AAVE)
in a day.AAVE’s impressive 24-hour performance comes at the backdrop of the release of the protocol’s V3 upgrade that was implemented yesterday, March 16th.
V3 is the most powerful, advanced, secure and efficient version of the Aave Protocol to date.
It features the following groundbreaking new features.
As to whether AAVE’s current bullish momentum can be sustained, the daily chart below indicates potential for more growth in the days to follow.
From the chart, it can be observed that AAVE/USDT is battling to recover from a downtrend that began after hitting its all-time high of $668 set in May of last year.
The DeFi token is also battling to turn the 50-day moving average (white) as support at the $145 price area. Additionally, the daily MFI, MACD and RSI hint towards a continuation of buying for the rest of this week.
However, the 100-day moving average (yellow) and the 200-day moving average (green) offer areas of considerable resistance for AAVE at $180 and $240 respectively. A complete recapture of the 200-day moving average will most definitely confirm a recovery of AAVE/USDT in the crypto-markets.