MEXCWill AAVE Price Surpass $150 Barrier Amid Sky Aave Force Initiative?
Highlights
- AAVE price pullback of 38.2% Fibonacci retracement level indicates a healthy correction for a prolonged rally.
- Aave Labs introduces Sky Aave Force, a new initiative aimed at driving mass adoption and bridging the gap between decentralized finance (DeFi) and traditional finance (TradFi)
- AAVE supply on exchanges has declined significantly since early June, indicating that investors are actively withdrawing this asset.
The cryptocurrency market witnessed a surge in selling pressure during the U.S. trading session on Tuesday. As Bitcoin shows sustainability below $60000, the majority of major altcoins, including AAVE, are showing signs of continuing their correction trend into September. With an intraday loss of 8%, the AAVE price liked to challenge $118 support for a potential breakout.
AAVE Price Slips Despite Sky Aave Force Initiative
Aave Labs, in collaboration with Sky (formerly MakerDAO), introduced a new initiative designed to turbocharge decentralized finance (DeFi) by bridging the gap between DeFi and traditional finance (TradFi). Spearheaded by Aave network founder Stani Kulechov and MakerDAO co-founder Rune Christensen, the project aims to drive mass adoption and enhance the resilience of the DeFi ecosystem.
Kulechov recently shared his view on DeFi, saying,
DeFi protocols have matured, showing resilience and market fit. By working together, DeFi can become the backbone of all finance, enabling unprecedented access and propelling new use cases.
We are no longer building on the sidelines; DeFi can empower all of finance.
The Sky Aave Force Initiative will propose the integration of USDS and Savings USDS (sUSDS) on Aave V3, which will offer native token rewards. Moreover, AAVE will launch a new marketplace to ensure seamless interactions and provide exclusive rewards for users.2
Turbocharging DeFi: Introducing Sky Aave Force pic.twitter.com/foY4LqQj6j
— Aave Labs (@aave) September 3, 2024
Despite the announcement, the AAVE price plunged 9.3% to $122 on Monday, indicating the integration could drive a long-term value to these assets rather than immediate effect.
Data from the santiment shows the AAVE supply on exchange has declined since mid-June, currently recorded at 3.08 Million coins. This indicates the investors are withdrawing the AAVE coin from the exchanges, suggesting a shift from selling to holding strategies.
AAVE Price Holds Key Fibonacci Support
In the last two weeks, the AAVE price showcases a notable correction from $148.7 to $117.8 support, registering a loss of 20%. A bearish reversal to the 38.2% Fibonacci retracement level indicates a health correction for buyers to regain strength.
Sustaining this support will drive the AAVE price up 23% to challenge the $150 resistance.
However, a breakdown below the $117.8 support will accelerate the selling pressure and drive an extended downfall to $100.
Frequently Asked Questions (FAQs)
1. What is the current trend for AAVE price amid the Sky Aave Force initiative?
2. How has the AAVE supply on exchanges changed recently?
3. What could happen if AAVE breaks below the $117.8 support level?
- White House Defends Trump’s Pardon of Binance Founder CZ Amid Corruption Allegations
- Ripple Secures $500M Funding Led by Fortress and Citadel Securities After Record Growth
- Teucrium ETFs CEO Says Late November Will Be ‘Big’ For XRP At Swell 2025
- MetaPlanet Raises $100M to Resume Bitcoin Treasury Purchases After One Month Pause
- Crypto Market Bloodbath: 3 Key Signs That Could Signal a Recovery
- Solana Price Faces Heavy Sell Pressure as $1.36B Is Liquidated: $100 Incoming?
- XRP Price Prediction: Ripple Swell 2025, ETF Hints, RLUSD Plans, and Market Outlook
- Expert Predicts Cardano Price Surge as Hoskinson Touts Midnight Potential
- Changpeng Zhao Sparks Bull Run Aster Price Jumps 10%, Eyes $2 Breakout
- Whales Scoop 323,523 ETH Amid Price Dip – Is Ethereum Price Correction Setting Up a 10K Wave?
- How Solana, XRP, and Cardano Reacting as U.S. Shutdown Becomes Longest in History
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
