- Stani Kulechov confirmed the latest announcement of rebranding of its forthcoming institutional platform.
- Aave price forecast remains slightly bearish below $302 support become resistance level.
- Forex trading market participants may look for a bearish trade below the $305 level with a target of $287.
The AAVE/USD closed at $311.67 after placing a high of $315.49 and a low of $292.77. AAVE/USD resumed its bullish stance after having declined for the previous two sessions. Therefore, the AAVE price forecast remains bearish as the pair is looking to break below the upward trendline.
Aave is the largest DeFi lending protocol which has more than $16 billion locked in cryptocurrency assets. Hence, It has plans to launch Aave Pro, which will operate segregated permission pools of whitelisted users.
Moreover, the customers must have passed KYC protocols and this will remove one of the critical roadblocks to regulated institutions participating in decentralized finance.
Stani Kulechov Confirms Rebranding of Aave Pro to Aave Arc
Additionally, the CEO of the platform, Stani Kulechov, confirmed the rebranding of its forthcoming institutional platform. Thus, it’s going to be from Aave Pro to Aave Arc. The rebranding was done to convey the purpose of Aave functions. It’s a gateway to bring institutions into the rapidly budding DeFi landscape.
The Aave Arc will provide uninterrupted access of institutional investors to the DeFi industry. That without them following the strict regulatory requirements.
Only KYC participants will be allowed to enter a private pool of funds. These developments surrounding the Aave network added strength to the AAVE/USD prices on Thursday.
Weakness of the U.S. dollar Keeps AAVE/USD Supported
The weakness of the U.S. dollar triggered the resume in rising prices of AAVE/USD on Thursday. Therefore, the cryptocurrency moved higher amid the prevailing weakness in the U.S. dollar.
Besides, the dovish comments from Jerome Powell after a two-day-long monetary policy meeting added further pressure on the greenback. The U.S. Dollar Index fell to 91.85 level on Thursday and it pushed the AAVE/USD pair higher. Both share a negative correlation.
AAVE Price Forecast – Daily Technical Levels
Pivot Point: 306.64
AAVE/USD Forecast – Daily Technical Analysis: Trading Range 312 – 290
Aave price forecast remains slightly bearish below $302 support become resistance level. On the 4 hour timeframe, the AAVE/USD pair formed a symmetrical triangle pattern that’s supported the pair at $302. However, the AAVE/USD pair seems to break below this level now.
AAVE has formed a bearish engulfing candle at $302 and the next candle also seems to conclude as a bearish engulfing. If this happens, the odds of selling will remain high.
The AAVE/USD pair’s next support holds at the $287 level and a bearish breakout of this level can extend selling until $269. Conversely, the resistance stays at $323 and a breakout can lead AAVE price towards $336 and $360.
AAVE/USD has crossed below the 50 EMA (Exponential Moving Average – Red Line) support level of $305. Below this, the AAVE/USD has a strong chance of continuing the bearish trend.
Forex trading market participants may look for a bearish trade below the $305 level with a target of $287. Alternatively, buy trades can be taken above the $305 level to target $270. All the best!
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