The post Will AAVE Price Rally Following Aave Protocol Upgrade? appeared on BitcoinEthereumNews.com.

AAVE began the year 2024 on a slow note but the overall look at the AAVE price shows it is gaining significant momentum. It rose over 118% in a year even though last week seemed sluggish. However, the protocol recently launched the v3.2 upgrade, and experts think that could boost the AAVE price rally. This upgrade raises an important question as to whether this would continue and the protocol could make a new high, probably above the $200 level. The big question now is whether the momentum will persist as it reaches significant resistance levels. AAVE Price Dips, But v3.2 Upgrade Signals Strength Analysis of the recent AAVE price action reveals that the price has indeed been positive since October 2023, as it followed an ascending support trend line. Indeed, it successfully made multiple attempts to break above the resistance level of $150. While the recent upgrade to Aave v3.2 has undoubtedly equipped the protocol with significant new functionalities that could underpin price rally. Overall, the upgrade improves capital efficiency and user experience, both elements that could sustain growth. But at key resistance zones, the move into new highs would be highly contingent on wider market conditions at key resistance zones, user adoption in the feature set updates, and any influences emanating from regulatory development or overall market sentiment of the DeFi market. In August 2024, the DeFi token price managed to close above this pivotal resistance, marking a breakout. After that, it reached the highest weekly close since 2022, including a new yearly high of $177.21 on November 23. According to Michael Nadeau, founder of the DeFi report, this protocol is way ahead of its closest rivals, commanding an astonishing 64% share of the lending and borrowing market. At the same time, it has 4.6 times more active loans…

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Filed under: News - @ October 8, 2024 8:15 pm