AAVE rallies behind GHO stablecoin proposal

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It’s been a positive week so far for the cryptocurrency market, with prices for most coins rising more than 10% in the past seven days.

The cryptocurrency market has been doing well since the beginning 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 once again trading above $22,000 after adding more than 7% to its value in the past 24 hours. Ether, the second-largest cryptocurrency by market capitalization, looks set to break above the $1,300 resistance level after adding 6.8% to its value over the same period.

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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 USD-pegged stablecoin 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 TAUT GHO against their provided collateral.

Key levels to monitor

The AAVE/USD 4-hour chart is bullish as Aave has performed well over the past few hours.

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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 might break above the $79 resistance level in the next few hours. AAVE could target the $98 resistance level for the first time this month if market momentum continues over the next few days.

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