It has been a positive week for the cryptocurrency market so far, with the prices of most coins up by over 10% in the last seven days
The cryptocurrency market has been doing well since the start of the week. In the past 24 hours, the total market capitalization has increased by more than 5%, pushing the total market capitalization near the $1 trillion mark.
Bitcoin is trading above $22k once again after adding more than 7% to its value in the last 24 hours. Ether, the second-largest cryptocurrency by market cap looks poised to surge past the $1,300 resistance level after adding 6.8% to its value during the same period.
However, AAVE is one of the top performers among the top 50 cryptocurrencies by market capitalization. AAVE has added over 15% to its value in the past 24 hours, outperforming other major coins in the process.
The rally comes as the Aave team proposed the launch of a new stablecoin pegged to the US Dollar to its community.
Aave Companies is proposing to the DAO the introduction of a decentralized, collateral-backed native stablecoin, GHO, pegged to the USD. GHO can be run on the Aave protocol, allowing users to mint GHO against their provided collateral.
Key levels to watch
The AAVE/USD 4-hour chart is bullish as Aave has been performing well over the past few hours.
The MACD line is above the neutral zone, indicating bullish momentum for the cryptocurrency. The 14-day RSI of 70 shows that AAVE could soon enter the overbought region if the rally continues.
At press time, AAVE is trading at $71.63. The token could move past the $79 resistance level over the coming hours. AAVE could target the $98 resistance level for the first time this month if the market momentum is maintained over the next few days.
