FxWirePro- AAVEUSD (Chart of the day)

Aave is a decentralized non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an over-collateralized (perpetually) or under-collateralized (one-block liquidity) fashion.

Aave protocol's two major innovations are

Stable rate- It helps borrower's financial planning

Flash Loan rate- to borrow without collateral during a single transaction.

AAVEUSD was one of the best performers today.

Any daily close above $118 confirms further bullishness.

AAVEUSD was the best performer for the past two days, surging more than 25% after breaking significant resistance of $118. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $93 and is currently trading around $92.16.

The bullish invalidation can happen if the pair closes below $70. On the lower side, the near-term support is $87. Any break below targets of $80/$70. Breach below $70 targets $50.

The immediate resistance stands at around $100. Any breach above confirms a minor pullback. A jump to $118/$135 is possible. A surge past $135 will take AAVE to $173.

It is good to buy on dips around $80 with SL around $70 for TP of $118/$135.

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