AAVE Soars 18% Amidst Adverse Market Conditions – Details

Christian Encila

10 months ago

3 mins read

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With the general sentiment in the market cooling down, AAVE scores a win as it maintains high profitability even as the market dips slightly. According to CoinGecko, the token is up over 18% since last week, a sign that AAVE is continuing the market’s bullishness despite the latter grinding to a near stop.

AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter’s rollup capabilities to keep transactions cheap for users.

Yes To Aave v3 Activation On zkSync

Aave v3’s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain. It was first outlined back on June 11th, citing zkSync’s scalability and efficiency while “maintaining the security and decentralization of the Ethereum mainnet… Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.”

Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network’s scalability.

AAVE market cap currently at $1.6 billion. Chart: TradingView.com

The voting process for the proposal is still ongoing, but the general consensus at the moment is an outstanding “Yes” for the community with nearly 47,000 votes in favor of activation. However, the proposal needs 320,000 votes to pass, giving more time for users to weigh in the pros and cons of the activation.

Secured Levels Open Opportunities For AAVE

As of writing, AAVE returned to its pre-August level at $110.43, opening the potential of reaching $124 in the short term. But this also opens the question of whether the crypto has momentum to reach this price target.

The $105-$115 price range opens the door to higher levels once bullishness resumes. With the market stagnating after a couple of days of bullish action, we might see the coin rest on this price level before a continuation rally occurs next week.

However, this movement is hinging on the probability that the market resumes its bull run. If the market sentiment continues to encourage selling, we might see the token return to pre-$100 levels in the coming days, possibly to the $93 floor price.

But the current relative strength index (RSI) figures suggest that AAVE still has some wiggle room to squeeze some short-term gains. Along with improving macroeconomic factors, we might see another wave of capital inflow from budding retail investors trying the market out for some time.

Investors and traders should be positive within the coming days, as the token stabilizes around the current price range to retain momentum for the long term.

Featured image from Shrimpy Academy, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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