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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

AAVE Records 26% Weekly Gain, Looks To Break Key Resistance

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
AAVE Price

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AAVE, one of the most prominent DeFi tokens, has made a bright start to July. The coin is experiencing a price rally, jumping by more than 26% in the past week. Overall, the AAVE market seems to be enjoying much attention as shown by recent high whale activity. 

AAVE Aims For $90 Again – Price Action 

AAVE has been on a positive run in the past few weeks. Since reaching a yearly low of $50 in mid-June, the token has been on a bullish course, which has seen its value rise by over 53%.

Related Reading: Lido (LDO) Sustains Weekly Run With 16% Gain – What Fuels It?

It is worth noting that the price of AAVE declined for a few days after touching the $75 mark on June 26. This fall caused the token to shed most of its price gain at the time. However, the DeFi token appears to have fully recovered from this loss, with its yearly high of $91.73 now in sight. 

According to historical price data, there seems to be resistance at the $80 price zone. So the AAVE token would need to overcome this barrier in order to make its way to $90 again. If the coin fails to break this threshold, it could experience a slight retracement to find support at the $70 price level.

CoinGecko data shows that AAVE currently trades at $75.81, losing more than 2% of its value in the past 24 hours. This signals a waning buying pressure, which could hamper the token’s chance of breaking the $80 resistance zone.

AAVE

AAVEUSD trading at $74.25 | Source: AAVEUSD chart from TradingView

Aave Freezes TUSD Reserve on V2 Ethereum Pool

On July 3, 2023, the Aave community executed a proposal to freeze the TrueUSD (TUSD) reserve on the Aave V2 Ethereum pool. This comes in response to the recent controversy surrounding the stablecoin.

This proposal will prevent users from depositing or borrowing TUSD on the Aave V2 Ethereum pool. “This AIP (Aave Improvement Proposal) is designed to take a conservative approach to the TUSD situation,” the proposal read.

Related Reading: Aptos (APT) Gains By 10% Ahead Of July Token Release

TUSD jitters started after its technology partner Prime Trust was rumored to have gone bankrupt. These issues were compounded when the embattled Fintech company shut off withdrawals and deposits due to pressure from Nevada state regulators.

Although TrueUSD has halted the minting of its stablecoin via Prime Trust, there is still some uncertainty surrounding the use of its assets. And losing its dollar peg in the month of June didn’t help its case.

This AIP to freeze TUSD reserves received overwhelming support, as nearly 84% of voters approved it. However, it is worth noting that users will still be able to repay and withdraw their TUSD from the stablecoin pool.

Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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