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 properly because the begin of the week. Over the previous 24 hours, the entire market cap has elevated by greater than 5%, pushing the entire 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 appears to be like poised to surge previous the $1,300 resistance degree after including 6.8% to its worth throughout the identical interval.
Nevertheless, AAVE is likely one of 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 staff proposed the launch of a brand new stablecoin pegged to the US Greenback to its group.
Aave Corporations is proposing to the DAO the introduction of a local decentralized, collateral-backed stablecoin, GHO, pegged to USD. GHO will be launched on the Aave Protocol, permitting customers to mint GHO in opposition to their provided collaterals.
1/ Calling all GHOsts 👻
We have now created an ARC for a brand new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, referred to as GHO.
Learn extra beneath and focus on 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 properly 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 degree over the approaching hours. AAVE might goal the $98 resistance degree for the primary time this month if the market momentum is maintained over the following few days.