At the current moment, it's hard to predict how crypto will fair against USD. However, we can reliably see which pairs will consume a larger share of overall market cap as the space continues to consolidate and burn off fat.
Shown in the top chart is the AAVE/ETH daily pair which just had a moving average golden cross (50/200). This sort of cross is fairly monumental for the daily timeframe and indicative of a major trend in price.
Shown on the bottom chart is the AAVE/ETH weekly pair with Ichimoku indicator showing a bullish cross (Tenkan & Kijun). This sort of cross is VERY monumental for the weekly timeframe. We must wait for the weekly candle to close to confirm this cross.
Fundamentals:
AAVE continues to be a top utilized platform in the defi space despite the market. The biggest drawback to AAVE price action thus far has been it's lack of tokenomics ("token not needed"). Recently AAVE has announced that it will be utilizing it's own native stable coin (GHO) on it's platform. Stakers of AAVE will be able to receive a discount when minting GHO. With AAVE's platform volume and utilization of a wide range of assets and stable coins....a very bullish game theory can be derived from this announcement.
Overall, AAVE is showing tremendous strength against ETH as well as the market in general. If Bitcoin continues to crab in this range, I expect a continued uptrend for AAVE on it's USD pair. However its important to note that this movement could be a mixture of AAVE bullishness and ETH bearishness which can somewhat muddy the USD price action.
Shown in the top chart is the AAVE/ETH daily pair which just had a moving average golden cross (50/200). This sort of cross is fairly monumental for the daily timeframe and indicative of a major trend in price.
Shown on the bottom chart is the AAVE/ETH weekly pair with Ichimoku indicator showing a bullish cross (Tenkan & Kijun). This sort of cross is VERY monumental for the weekly timeframe. We must wait for the weekly candle to close to confirm this cross.
Fundamentals:
AAVE continues to be a top utilized platform in the defi space despite the market. The biggest drawback to AAVE price action thus far has been it's lack of tokenomics ("token not needed"). Recently AAVE has announced that it will be utilizing it's own native stable coin (GHO) on it's platform. Stakers of AAVE will be able to receive a discount when minting GHO. With AAVE's platform volume and utilization of a wide range of assets and stable coins....a very bullish game theory can be derived from this announcement.
Overall, AAVE is showing tremendous strength against ETH as well as the market in general. If Bitcoin continues to crab in this range, I expect a continued uptrend for AAVE on it's USD pair. However its important to note that this movement could be a mixture of AAVE bullishness and ETH bearishness which can somewhat muddy the USD price action.