Aave

<ul> 
 <li>AAVE’s price surged approximately 21%, climbing from $85 to $103.</li> 
 <li>The surge is driven by a proposed fee mechanism and token buy-back program, designed to boost the protocol’s revenue.</li> 
</ul> 
Amidst the market upturn, the leading altcoin Aave (AAVE), has emerged as a leading performer, climbing over 21% in the last 24 hours and topping the gainers’ list. According to CoinMarketCap, the token’s price surged over $103 from its low of $85. The price of AAVE soared due to a significant governance proposal that suggests introducing a fee mechanism and a token buy-back program. 
Additionally, AAVE’s daily trading volume jumps by 140% to $229 million, reflecting heightened market activity. This uptick, alongside rising prices, hints at potential further increases. The core of this excitement stems from a fee switch proposal, introduced by Mark Zeller of the <a href="https://thenewscrypto.com/aave-v3-deployment-on-aptos-mainnet-approved-by-aave-community/" target="_blank" rel="noreferrer noopener nofollow">Aave-Chan Initiative</a>. The proposal aims to revamp the protocol’s revenue model by collecting transaction fees and using them to repurchase AAVE tokens from the market. 
<h2 class="wp-block-heading" id="h-aave-technical-analysis">AAVE Technical Analysis</h2> 
At the time of writing, AAVE is trading at $99 with a market cap of $1.48 billion. Since March, the token has <a href="https://thenewscrypto.com/aave-price-prediction/" target="_blank" rel="noreferrer noopener nofollow">maintained stability</a> within a tight range of $80 to $100. Currently, the AAVE price is trading above the 50-day and 200-day EMAs, indicating a clear trend direction. 
Also, the Relative Strength Index (RSI) stands at 59, indicating growing bullish momentum without reaching overbought levels. TradingView analysis suggests that breaking above the $110 range could see AAVE hitting the next resistance at $130, where the significant bulls get activated and send the price higher to the $150 zone.&nbsp; 
Conversely, if AAVE fails to push the price above $100, we will see an immediate drop below $90. Trading below this level could push the token down to the major support levels of $80 and $75, an area also marked by substantial buy activity. 
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</ul>

What Drove Aave (AAVE) Price Up by Over 20%?

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TheNewsCrypto

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