Aave, for now, is the most dominant decentralized finance crypto based on the data acquired from DeFi Pulse. The project has currently locked $1.53 billion worth of funds for the investors. That translates to around 21.09% of the cumulative $7.24 billion locked in the DeFi ecosystem.
LEND is thriving and its growth as a DeFi populist has been reflected in the major surge of the token’s value. On August 26, LEND/USD surpassed the $0.9 level representing a considerable growth compared to its value at the start of this month which was $0.3. At the time of publishing, LEND is valued at $0.8076 following a minor retreat from the monthly high.
Its price has plunged under the accelerated trendline somehow enhancing the bearish leg that is currently aiming for the initial support at the 61.8% Fibonacci retracement level. This support zone has formed between the last swing high located at $0.9095 to a swing low of $0.5061.
Technically, Aave is expected to encounter some downward action according to its slopping RSI and MACD. The former already hit the overbought levels in the token’s run-up to $0.9. This type of reversal will happen particularly after a constant rally like the one Aave experienced recently.
On the flip side, the MACD indicates that buying pressure is not entirely ousted. Hence, Aave may hold its ground above the 61.8% Fibo support while the bulls plan the next run-up above $1.0.