It has been a optimistic week for the cryptocurrency market up to now, with the costs of most cash up by over 10% in the final seven days
The cryptocurrency market has been performing properly since the begin of the week. Over the previous 24 hours, the complete market cap has elevated by greater than 5%, pushing the complete market cap near the $1 trillion mark.
Bitcoin is buying and selling above $22k as soon as once more after including greater than 7% to its worth in the final 24 hours. Ether, the second-largest cryptocurrency by market cap appears poised to surge previous the $1,300 resistance stage after including 6.8% to its worth throughout the similar interval.
However, AAVE is considered one of the finest performers amongst the prime 50 cryptocurrencies by market cap. AAVE has added greater than 15% to its worth in the final 24 hours, outperforming the different main cash in the course of.
The rally comes as the Aave staff proposed the launch of a brand new stablecoin pegged to the US Dollar to its neighborhood.
Aave Companies is proposing to the DAO the introduction of a local decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO could be launched on the Aave Protocol, permitting customers to mint GHO towards their provided collaterals.
1/ Calling all GHOsts ????
We have created an ARC for a brand new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, often known as GHO.
Read extra under and focus on your ideas for the snapshot (coming quickly)!????https://t.co/P7tHl9LbBe
— Aave (@AaveAave) July 7, 2022
Key ranges to look at
The AAVE/USD 4-hour chart is bullish as Aave has been performing properly over the previous few hours.
The MACD line is above the impartial zone, indicating bullish momentum for the cryptocurrency. The 14-day RSI of 70 reveals that AAVE might quickly enter the overbought area if the rally is sustained.
At press time, AAVE is buying and selling at $71.63. The token might transfer previous the $79 resistance stage over the coming hours. AAVE might goal the $98 resistance stage for the first time this month if the market momentum is maintained over the subsequent few days.
