Aave price jumps 10% following protocol upgrade, bulls target $110
|- Aave price remains bounded inside an ascending parallel channel despite the recent 10% spike.
- Aave V2 is now live on the mainnet according to a recent announcement.
The Aave V2 protocol is a major update of the platform and comes with new products like a yield and collateral swap allowing users to deposit their assets in the protocol and trade while being used as collateral.
Current flash loans have also been upgraded and users are now able to pay directly with their collateral in just one transaction. The update also includes other improvements on flash liquidations, debt tokenization, and native credit delegation.
Aave price on the verge of a massive breakout
Right after the announcement, Aave jumped from $82.9 to a high of $92.1 but the price is still contained inside a 4-hour ascending parallel channel. The digital asset seems to be on the verge of breaking out, especially now with the renewed bullish strength thanks to the V2 announcement.
AAVE/USD 4-hour chart
A breakout above the upper boundary of the pattern at $91 can quickly drive Aave price towards $110, an 18% rise. The project has also optimized gas transactions on the Ethereum network to mitigate high costs, which allow users to save up to 50% in some cases, driving the adoption of Aave and increasing the buying pressure.
AAVE Holders Distribution
Adding even more bullish pressure, it’s the fact that the number of whales holding between 10,000 and 100,000 coins ($900,000 and $9,000,000) jumped from 4,388 on October 1 to a current high of 4,427.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.