- LEND/USD is in a robust daily uptrend and up by more than 1,000% this year.
- Aave is ranked 49th with a market cap of $174 million.
Aave has been in a strong uptrend for basically the entirety of 2020. The digital asset has seen meteoric gains going from a low of $0.013 at the beginning of the year to a current price of $0.134, ten times higher. LEND/USD has also seen a significant increase in trading volume from an average of $500,000 per day to $6 million in the last week.
LEND/USD daily chart
At this point, LEND has formed a clear daily bull flag but the RSI is overextended, and we could see a pullback before another leg up. The daily 12-EMA should serve as a support level if the consolidation is strong enough. Other than that, bulls are not facing a lot of resistance to the upside considering we haven’t seen these levels since 2018.
LEND/USD 4-hour chart
Bulls have formed a higher low on the 4-hour chart, and they are looking for the next leg up above $0.1448. The RSI is still overextended here but could be ignored by the buyers if the momentum is strong enough. LEND can also form a 4-hour equilibrium pattern with a lower high next and a higher low compared to $0.119.
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