Aave is the second protocol to hit $1 billion in total locked value after Maker Dao.
LEND/USD technical picture starts to deteriorate following a barrier at $0.65.
The decentralized finance commonly referred to as DeFi continues to hit new highs as if it’s a rocket heading to the red planet, Mars. Aave, a DeFi project is among the biggest gainers in both the value of the token and the total value of the funds locked in 2020. On crossing the massive $1 billion milestone, Aave has also seen significant growth in the price of LEND, the protocol’s official token. LEND is up 18% in the last 24 hours and trading at $0.6053.
The remarkable performance also comes after the Network announced version two of its protocol bring on board a host of new features such as native under collateralized loans/credit delegation, debt trading and better borrowing rates.
Aave has become the second DeFi protocol to hit $1 billion in the total value locked following MakerDAO. At the moment, around $6 billion of cryptoassets are locked in DeFI as per data provided by DeFi Pulse.
Aave, as aforementioned, is trading at $0.6053. It has retreated from a weekly high at $0.6654 (as shown on Binance). The technical picture appears to be deteriorating fast as observed with a sharp drop in the level of the RSI. Similarly, the MACD is highlighting the bearish case by extending the negative divergence. If support at $0.60 fails to hold, LEND could easily plunge to test support at the ascending trendline. Extended declines would seek refuge at $0.55, the 50 SMA at $0.5196, the 100 SMA at $0.45 as well as $0.35.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org