- DeFi lending platform Aave has rebranded its upcoming institutional DeFi platform from Aave Pro to Aave Arc.
- Aave price is trading near $303.34 with a 24-hour trading volume of $318,118,989.
- AAVE traders may look for a bullish trade above the $293 level with an initial target of $312.
AAVE/USD coin pair maintained its previous-session bullish moves and remained in the green zone around well above the $300.00 level. AAVE price forecast remains bullish as DeFi lending platform Aave is set to launch institutional Defi platform Aave Arc within weeks.
Stani Kulechov Confirms AAVE Rebramding – Aave Pro to Aave Arc
DeFi lending platform Aave has rebranded its upcoming institutional DeFi platform from Aave Pro to Aave Arc. The vision of the Aave Arc market was to create a more suitable risk appetite for institutions. Therefore they can participate in the decentralized finance market. This positive progress leaves a positive impact on the AAVE prices and pushed the AAVE prices up.
AAVE Quick Price Review
The Aave price is trading near $303.34 with a 24-hour trading volume of $318,118,989. AAVE/USD rose by 2.08% in the last twenty-four hours. The DeFi lending platform Aave has rebranded its upcoming institutional DeFi platform from Aave Pro to Aave Arc.
This decision was made to represent its purpose as a gateway to bring institutions into the decentralized finance industry. The platform is expected to miss its initial estimated launch of July; the final date won’t be far away.
Weakness in the U.S. dollar Underpins AAVE/USD Over $292
The U.S. dollar’s bearish bias was seen as one of the critical factors that lend some additional support to the AAVE/USD. The broad-based U.S. dollar failed to gain any positive traction and remained depressed even after the global equity stock dropped.
The U.S. dollar dropped for the 4th-consecutive day to the lowest in 12 days. The FOMC announced its monetary policy decision on Wednesday and delivered an optimistic tone. Fed acknowledged that the economy had made progress towards maximum employment and price stability goals.
The Fed Chair Jerome Powell took a dovish turn at the post-meeting press conference. It indicated there’s still room for improvement in the jobs market. Fed was also cautious about tapering and said it will take a few more meetings to get into it.
Thus, the difference in tone between the statement and Powell’s remarks exerted heavy downside pressure on the U.S. dollar. The losses in the U.S. dollar were seen as one of the critical factors that help the AAVE prices to cap their losses.
AAVE/USD 4-Hour Chart
AAVE/USD Forecast – Daily Technical Analysis: Trading Range 312 – 290
Aave price forecast remains slightly above the $292 support level that’s been extended by an upward trendline. On the 4 hour timeframe, the AAVE/USD pair hasn’t been able to violate this support, even after testing it several times.
On the higher side, the AAVE/USD may find resistance at $312 double top-level, Bullish break out of this can lead the pair towards $338 and $360 levels. The support remains at the $293 level, and a bearish breakout can extend selling bias until $270, the double bottom support level.
The 50 periods EMA (Exponential Moving Average – Red Line) is likely to support AAVE price at $305. Closing of candles above this level has the potential to drive additional buying in the pair. Alongside, the oscillator indicator Stochastic has crossed over 50, signaling a bullish trend in AAVE.
Forex trading market participants may look for a bullish trade above the $293 level with a target of $312 and $335. Alternatively, sell trades can be taken below the $290 level to target $270. All the best!
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