CandleFocus AAVE Targets Breakout as GHO Launch Stirs Anticipation in the Market
2024-10-23
Author: Content Editor
The Aave protocol recently launched the algorithmic US dollar-pegged stablecoin "GHO," which has generated anticipation for a breakout in the price of Aave's native token, AAVE. Aave has partnered with Chainlink to expand the cross-chain transfer of GHO, making it available as a fee token for bridging any token via Chainlink CCIP. GHO has already bridged $31.2 million, the second-largest asset by volume on CCIP. Aave plans to expand GHO's cross-chain support to Base and Avax C-Chain. While AAVE's price is currently in consolidation, increased transaction count and potential adoption of GHO could trigger a bullish momentum. However, rising exchange reserves and selling pressure may offset an immediate breakout. Experts predict AAVE's price could reach over $160 by the end of the year.
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