Aave (AAVE) has been one of the best performing cryptocurrencies in the past week with a gain of 32%. The cryptocurrency has been trending upwards since the end of June all thanks to increasing interest in decentralized finance. At the time of writing, Aave stands at a price level of $299. The cryptocurrency moved upwards by 6% in the daily timeframe while the trading volume increased by nearly 30%.
The market sentiment for Aave is bullish. Out pf the total twenty-six technical indicators, eleven are giving out a signal of buy with nine standing at a neutral position and six indicators signaling a sell position. The oscillators are neutral while the moving averages suggest a strong uptrend.
DeFi space has been one of the top sectors in terms of performance. Although the bearish divergence of the market resulted in investors shying away from DeFi space along with other sectors, a comeback is being observed. In the past week, the DeFi sector has increased by $15 billion while the market capitalization skirted close to $80 billion. The DeFi space is one of the most lucrative sectors of the blockchain industry with good potential. Cryptocurrencies like Aave and Compound have contributed significantly to its growth.
The development team of Aave has a lot in store for the DeFi lending protocol. The team revealed the news of a Pro version of the network to be launched soon in a Webinar held last week. Following the webinar, attendees received a follow-up email with more details of the permissioned version. Aave Pro is targeted towards institutional investors and will incorporate V2 smart contracts. The pro version has been cited to be a result of increasing interest in the project of institutional investors. The launch of Aave pro is scheduled for July and has helped turned the market sentiment for Aave bullish.
Is Aave a good long-term investment?
The DeFi sector, in general, has a lot of potential – which appears to be only increasing with time. The technical for the cryptocurrency indicate towards more bullish momentum. The price forecasts for Aave in the long run are also bullish. According to Wallet Investor, Aave price level will be close to $800 in a year’s time while it is expected to be trading at $3,086 in five years’ time. Per the estimates of Digital Coin Price, Aave crypto will end the year with a price level of $425 while the price in 2028 is expected to be $1,329.
