With the DeFi market on a steady upward trajectory, Aave continues to regain significant bullish traction on Monday. The twenty-seventh-largest cryptocurrency is up by 8% today, with a 24-hour trading volume of $383 million.
The DeFi token currently boasts the number one spot as the top DeFi lending protocol, with over $16 billion in total locked value. The cryptocurrency company recently announced plans to launch Aave Pro, which would serve only the institutional investor market.
The new platform will support and enable segregated permission pools of verified people that have passed Know Your Customer (KYC) checks. This project would eliminate one of the critical obstacles for regulated institutions engaging in decentralized finance (DeFi).
The cryptocurrency is on a decent recovery to its previous highs following the recent debilitating crypto market crash. That said, investors and traders now have their eyes on the critical $350 resistance, which, if broken, could trigger a bullish ascent to $400.
In other news, the cryptocurrency’s business entity in the United Kingdom has received the green light with its Electronic Money Institution (EMI) application. This license would allow AAVE users to move from traditional fiat currencies to stablecoins and other digital assets domiciled in its Ecosystem. These funds/assets can then get utilized on the Aave Protocol.
Key Aave Levels to Watch — July 12
AAVE is on a healthy path to the $350 resistance as the cryptocurrency trades along an ascending trendline. The DeFi giant gets support from some technical lines, including the 200 SMA, 50, SMA, trendline, and $300 psychological support.
That said, the path of least resistance for the cryptocurrency is upwards amid a recovering trading volume.
Meanwhile, our resistance levels are $350, $400, and $450, and our support levels are $300, $240, and $170.
Total Market Capitalization: $1.40 trillion
Aave Market Capitalization: $3.79 billion
Aave Dominance: 0.27%
Market Rank: #27
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