- AAVE skyrockets amid news of rebranding from AAVE Pro to AAVE Arc.
- Aave price prediction is bullish on Thursday, especially above the $347 support level.
- Forex trading market participants may look for a buy trade above the $360 level with a target of $375 and $388.
AAVE/USD extended its bullish moves and remained in the green zone above the $350 level. On Thursday, the AAVE price prediction remains bullish above the $347.55 support level.
A combination of factors supports the uptrend in the AAVE/USD pair. As the most comprehensive multi-chain DeFi lending platform, AAVE enjoys a TVL of above $13 billion. It grew by almost $3 billion in the past ten days, highlighting investors’ increasing interest in the DeFi space. In addition to this, the ecosystem is also gaining many institutional investors, which can further bolster AAVE price.
If you are interested in trading AAVE/USD with forex robots, check out our guide.
AAVE Skyrockets amid Rebranding from AAVE Pro to AAVE Arc
AAVE/USD pair gained bullish momentum upon the release of rebranding news. AAVE is rebranding its name Aave Pro to Aave Arc for institutional investors.
This step will allow institutions to invest in the DeFi space. It will provide private pools for users to enjoy direct exposure to digital assets, giving them access to Defi yields even as they experience the benefits of transparency and automation. These positive headlines supported the AAVE/USD pair, pushing higher from $315 to $360.
Furthermore, the upticks in the AAVE could pick up further pace as the platform is also working to create a decentralized social network that can take on Twitter, letting people earn money for interacting and posting on it.
Stronger US dollar Keeping AAVE/USD Under $365
The bullish US dollar is also one of the major factors that held the lid on any additional gains in the AAVE prices. The broad-based US dollar managed to extend its previous session positive performance, extending its bullish momentum for another day.
The gains appeared after the Federal Reserve delivered hawkish remarks, which prompted traders to price-in an earlier tightening of monetary policy.
AAVE Price Prediction – Daily Technical Analysis: 23.6% Fibo Supports
Aave price prediction is bullish on Thursday, especially above the $347 support level. AAVE/USD pair has completed 23.6% Fibonacci retracement at $347 on the 4-hourly chart. The formation of a Hanging man candlestick pattern below the $363 level is suggesting bulls are exhausted. Thus, bulls may start profit-taking, and sellers may enter the market.
However, the leading oscillator indicator is still holding in a buy zone, and the 50 days EMA (exponential moving average – red line) supports a buying trend.
Secondly, the recent 4-hour candle has tested 23.6% Fibo levels but failed to break below towards 38.2% level. The candle with a long shadow and tiny body suggests bulls are still in power and can violate the 363 resistance level.
In that case, the breakout of the $363 level can extend buying trade until the next resistance level of $375 and $388. Forex trading market participants may look for a buy trade above the $360 level with a target of $375 and $388. Alternatively, selling trades can be taken below the $400 level to target $360. All the best!
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