The cryptocurrency market is advancing this Saturday, Bitcoin is trading very close to $60000 resistance, and for now, everything indicates that the price could advance above this level again. Aave’s (AAVE) price has advanced above the $375 level this trading week, and the main trend of this cryptocurrency remains bullish.
Fundamental analysis: Aave has reported that it will build a new DeFi service on Polygon
Aave is a decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers. Many analysts say that Aave has a bright future because it has an even more limited supply than Bitcoin, and the main trend of this cryptocurrency remains bullish.
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This is a successful project has started in 2017 and has become an important part of the Decentralized Finance (DeFi) movement. According to the latest news, Aave has reported that it will build a new DeFi service on Polygon in an attempt to reduce the exorbitant gas fees.
“In light of that issue, the team will port its platform to Polygon, a layer two proof-of-stake sidechain that runs alongside Ethereum’s main network. The sidechain allows users to send back and forth tokens through a bridge protocol, thereby offering lower transaction costs than Ethereum itself provides”, Aave announced.
Once the platform is available on Polygon, Aave will add its native asset (MATIC) to the collateral list. At the same time, it will also build a smart contract bridge that will allow users to port their assets to Polygon using Metamask.
Aave is the third-largest DeFi platform which is entirely risk-free, and the only risks related to this platform include the risk of a bug and liquidation risk. Aave (AAVE) monthly trading volume reached record highs this year, and if this positive trend continues, this crypto could be one of April’s best performers.
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Technical analysis: Aave (AAVE) could advance even more in the ongoing bull market
Aave (AAVE) has advanced from $84 above $580 since the beginning of January 2021, and the current price stands around $368.
Aave (AAVE) could advance even more in the ongoing bull market, and if the price jumps once again above $400, the next price target could be around $450 or even $500. Aave’s trading volume remains high, and for now, there is no risk of the trend reversal.
On the other side, if the price falls below $300, it would be a firm “sell” signal, and we have the open way to $200 support level.
Summary
Aave (AAVE) could advance even more in the ongoing bull market, and if the price jumps once again above $400, the next price target could be around $450 or even $500. According to the latest news, Aave has reported that it will build a new DeFi service on Polygon to reduce the exorbitant gas fees.
