It has been a constructive week for the cryptocurrency market to this point, with the costs of most cash up by over 10% within the final seven days
The cryptocurrency market has been performing nicely because the begin of the week. Over the previous 24 hours, the full market cap has elevated by greater than 5%, pushing the full 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 within the final 24 hours. Ether, the second-largest cryptocurrency by market cap seems to be poised to surge previous the $1,300 resistance stage after including 6.8% to its worth throughout the identical interval.
Nonetheless, AAVE is among the finest performers amongst the highest 50 cryptocurrencies by market cap. AAVE has added greater than 15% to its worth within the final 24 hours, outperforming the opposite main cash within the course of.
The rally comes because the Aave crew proposed the launch of a brand new stablecoin pegged to the US Greenback to its neighborhood.
Aave Corporations is proposing to the DAO the introduction of a local decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO might be launched on the Aave Protocol, permitting customers to mint GHO in opposition to their equipped collaterals.
1/ Calling all GHosts
We now have created an ARC for a brand new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, generally known as GHO.
Learn extra beneath and talk about your ideas for the snapshot (coming quickly)!👇https://t.co/P7tHl9LbBe
— Aave (@AaveAave) July 7, 2022
Key ranges to observe
The AAVE/USD 4-hour chart is bullish as Aave has been performing nicely 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 exhibits 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 approaching hours. AAVE might goal the $98 resistance stage for the primary time this month if the market momentum is maintained over the subsequent few days.