Aave Price Prediction 2021 – Will AAVE Hit $518 Soon?

Aave Price Prediction 2021 - Will AAVE Hit $518 Soon?
  • Bullish AAVE price prediction ranges from $350 to $420.
  • The AAVE price might also reach $518.
  • AAVE bearish market price prediction for 2021 is $170.

In AAVE price prediction 2021, we use statistics, price patterns, ADX, and much other information about AAVE to analyze the future movement of the cryptocurrency. 

Aave is a decentralized financial protocol that enables people to lend and borrow cryptocurrencies. In addition, lenders earn interest by placing crypto assets in a specially designed liquidity pool. More so, borrowers can use their cryptocurrency as collateral to obtain fast loans through this liquidity.

Aave was originally called ETHLend when it launched in November 2017, but was renamed Aave in September 2018. In addition, AAVE offers discounts to holders on the platform. It also serves as a governance token providing owners a say in the future development of the protocol.

Current Market Status of Aave (AAVE)

According to Coingecko, the price of Aave is $290 with a 24-hour trading volume of $289,560,359 at the time of writing. However, AAVE has increased by 3.4% in the last 24 hours, at the time of writing.

Moreover, AAVE has a circulating supply of 12,844,050 AAVE coins. Currently, AAVE trades in cryptocurrency exchanges such as Binance, OKEx, CoinTiger, FTX, and Huobi Global. 

Aave (AAVE) Price Prediction 2021

Aave (AAVE) holds the 29th position on CoinGecko right now. AAVE price prediction 2021 explained below with a daily time frame. 

AAVE/USDT Triangle Pattern (Source: TradingView)

The symmetrical triangle is composed of a falling upper trendline and a rising lower trendline. When the price is close to the top of the trend, it will undoubtedly break the upper trendline, leading to a breakthrough and an upward trend in the price will break through the lower trendline, resulting in a breakdown and downtrend on falling prices.

After drawing two converging trend lines, a triangle can be seen. The difference between a symmetrical triangle and other triangle patterns is that it is a neutral pattern that does not tilt in any direction. The direction of the existing trend, and traders are looking for a breakthrough in this direction.

In the daily time frame chart,  if the price of the AAVE breaks the resistance level of $350, it will reach the target of $420. Or else, the price of the AAVE breakout will fall to the support level at $170. So, the trend of the AAVE is based on the breakout.

Aave (AAVE) Support and Resistance Level

The below chart shows the support and resistance level of Aave (AAVE). 

AAVE/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of AAVE.

  • Resistance Level 1 – $350
  • Resistance Level 2 – $420
  • Resistance Level 3 – $518
  • Support Level 1 – $240
  • Support Level 2 – $210
  • Support Level 3 – $170

The chart depicts the bearish performance of AAVE over the previous month. However, AAVE will follow a bullish pattern and will rise. On the contrary, if the trend reversed then AAVE might fall to $170 presenting a bearish signal.

Aave (AAVE) Average Directional Index (ADX)

Let us now look at AAVE’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

AAVE/USDT ADX (Source:TradingView)

The above chart represents the ADX of AAVE lies in the range at 9.9, so it indicates a weak trend.

Conclusion

The AAVE is one of the cryptos which is great for long-term investment. In addition, AAVE price prediction is bullish for a short-term. It has a good chance of reaching $661 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the AAVE ecosystem, the performance of AAVE would rise reaching $420 very soon. But, it might also reach $518 if the investors believe that AAVE is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.