AAVE Price Prediction as Network Integrates Chainlink for Automation

Decentralized lending protocol Aave has announced its partnership with Chainlink automation to launch its latest project, the Aave Robot, aimed at automating permissionless actions within the Aave ecosystem. 

The announcement was made during the unveiling of Aave Governance Version 3, in which Chainlink revealed its involvement in the project behind the scenes.

The Aave Robot will enable a decentralized infrastructure that is cost-covered by the Aave decentralized autonomous organization (DAO), ensuring its sustainability. Aave stated that the technology is already provable and cited its use in the Aave Proof of Reserve as an example.

This news is expected to boost Aave's price prediction as it represents a significant step forward in the network's development and highlights the continued growth of the Aave ecosystem. 

The partnership with Chainlink, a widely respected provider of oracle solutions, is expected to enhance the security and reliability of the Aave network, thus increasing its appeal to investors and traders alike. As a result, the news is likely to attract more users and capital inflows to the Aave platform, potentially driving up the value of its native token, AAVE.

AAVE Price Prediction

At the time of writing, the price of Aave is $77.40 USD, with a 24-hour trading volume of $65,905,660 USD. Aave has increased by 1.28% in the previous 24 hours. AAVE is currently ranked #51 on CoinMarketCap, with a market cap of $1,090,766,114 USD. There are 14,093,193 AAVE coins in circulation, with a maximum supply of 16,000,000 AAVE coins.

 

Source: CoinMarketCap

AAVE Price Prediction: Daily Chart

 AAVE appears to be experiencing a downward trend. From mid-January to early March, AAVE was trading in a straight parallel trendline, indicating stability. However, the price dropped from $76 to $64, which is a percentage difference of approximately 16%.

Currently, AAVE's 50-day moving average is at $80, which is 4 points higher than the current trading price. This suggests that the price may continue to decline in the short term. The RSI, which is at 49, is stable and not showing any further spikes as of now.

Overall, the price analysis indicates a bearish trend for AAVE. Investors may want to exercise caution when considering whether to buy or sell AAVE, as the trendline suggests that the price may continue to decline in the near future. 

 

Source: TradingView

AAVE Price Prediction: 4-Hour Chart

the price analysis for AAVE is somewhat mixed, with some indicators pointing towards a potential bullish trend while others remain unclear.

For the 4-hour chart, there is no clear trendline that AAVE is following, which makes it difficult to predict future price movements. However, it's worth noting that the token is currently trading at the neutral line of the Bollinger band, which is at $78.01. This suggests that the price may be relatively stable in the short term.

The upper Bollinger band is at $81, while the lower band is at $75, indicating a potential range for AAVE's price movement. This can be helpful for traders looking to make short-term trades.

The RSI is at 51 and shooting towards the "BUY" region, which suggests that the price may be on an upward trend. However, it's important to note that the RSI alone is not a reliable indicator of price movement and should be used in conjunction with other indicators.

The MACD has already made the red histogram and is transitioning to the green part, which can also be interpreted as a potentially bullish signal.

 

Source: TradingView

Overall, the price analysis for AAVE is somewhat mixed, with some indicators pointing towards a potential bullish trend while others remain unclear. Investors should exercise caution and closely monitor the various indicators before making any investment decisions.