With most of the altcoins benefiting from Bitcoin’s positive momentum and making profits, some alts rose faster on the charts than others. One such alternative, which quickly lost its declining momentum and saw a rally northward, was AAVE. In fact, at the time of writing, the Defi token up nearly 45% over the weekly timeframe.
Interestingly, a subtle spike in the DeFi token’s unique address activity over the past week indicated a new wave of demand for. down DeFi. Also a current one report had highlighted how “a sustained surge in address activity can be an early signal of growing network confidence and a possible” return to form “for DeFi’s blue chips”. The same also underlines that AAVE’s daily active addresses have increased + 24.1% since last Monday.
This growing popularity of some of the top DeFi assets on the market is an indication of another operation as the market has recovered somewhat in the past few days. One could see parallels with the sheer rise of DeFi at about the same time last year. And again, after a few minor setbacks, the DeFi idea seemed far from obsolete as rallies in assets like AAVE were greeted with open arms by the industry.
AAVE is one of the few altcoins that has already retested its support, after which it goes back up.
Analyst and trader Scott Melker is one of those who has been watching Aave since earlier this month. A recent tweet by Melker highlighted how Aave recently suffered a death cross on its USDT chart. However, the analyst quickly dismissed its effect on the constant rally of the Alt.
“Behold! The power of the death cross!
Wait what It (AAVE) went on? Are Death Crosses Trailing Indicators? Oh, ok, delete that. “
Interestingly, the rally of the old coincides with the platform’s plan to launch Aave Pro. This means that separate, authorized pools of “whitelist” users who have passed KYC protocols are operated.
Aave, the largest DeFi loan protocol with more than $ 16 billion
After moving south through June 26, Aave posted positive gains as its price rose nearly 83%. Melker also highlighted the positive gains of the crypto in a series of tweets in which he indicated that the Alt is “fully upright” versus BTC. Aave’s recent price gains have taken over the alternative 7 day ROI increased by 41.81%.
Fully erect. pic.twitter.com/WRyPjj6e7q
– The wolf of all streets (@scottmelker) July 5, 2021