Decentralized Finance (DeFi) has reshaped the crypto space, which has evolved from simple speculative trading to real use applications in the financial sector. Despite this growth attracting the attention of regulators such as the US Securities and Exchange Commission (SEC), DeFi platforms and tokens such as Aave continue making significant gains.
The coin is trading at $353.26 at the time of writing after a 15.3% gain in 24 hours.
Price Analysis
The coin is in a strong upswing in the past 24 hours, and it has created a new monthly high above $350. Buying support is currently strong; hence we could see the upswing holding in the coming days.
A strong bullish flag could lead to Aave retesting the June highs of $380 and $400. Here, the token would have reached a full bull swing, but such a trend will depend on whether the current support from bitcoin and the broader market holds.
A downtrend will also happen if market support fails, where we will see Aave retreating towards $300. Massive selloffs from short-term traders could also lead to a further drop to $250. Slumping below $200, as the token did in late June, could erase the recent bulls. However, such a slump will happen if the entire market pulls back.
The platform is working towards the development of a decentralized social media platform. The Twitter-like platform will be based on Ethereum, and it will allow users to monetize their posts. If the coin manages to launch such a platform, it will be a major turning point for the entire crypto community.
The token is also rebranding its institutional DeFi platform, which will now change from Aave Pro to Aave Arc. This remodelling, which is expected to happen in a few weeks, will attract more institutional investors into DeFi.
The growth of DeFi, including lending platforms such as Aave, has attracted the attention of SEC chair Gary Gensler. Speaking during the Aspen Security Forum on Tuesday this week, Gensler proposed introducing congress legislation regarding DeFi and lending platforms. While this could trigger anxiety in the short term, some market experts believe it will be a bullish signal for DeFi.
Where to Buy Aave
To buy Aave during the current bulls, you can create an account on a cryptocurrency exchange such as eToro. eToro is one of the leading exchanges, and it supports a wide range of cryptocurrencies and trading pairs. eToro’s commissions and trading fees are also relatively low.
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