Ethereum, Chainlink & Aave - American Wrap For August 26
Ethereum's ETH stopped the sell-off on approach to $370.00 on Tuesday and managed to recover to $382. by press time. The second-largest coin is down over 3% on a day-to-day basis and stayed mostly unchanged since the beginning of the day. ETH/USD has been sidelined since the start of the week, moving in sync with Bitcoin. If the coin fails to recover above $400.00 the selling pressure may increase significantly and worsen the short-term technical picture.
Chainlink has been unable to recover after the slump from the 2020 high at $20. The breakdown initially found support at $13 aided by the descending channel. There was a recovery but buyers hit a wall at $16. Since then, LINK/USD has remained pivotal at $15.
LINK’s meteoric rise has been attributed to the massive growth in decentralized finance ecosystem. The network claims to be at the center of DeFi by fashioning investors with life feed price data.
Aave's LEND is now the best-performing digital tokens out of top-100. The coin has gained over 17% of its value in the recent 24 hours building on strong positive momentum of recent days. Aave left behind several major coins, including IOTA, Huobi Token, DASH and NEM, and settled at the 21st place in the global cryptocurrency market rating. Currently, the coin's market value is registered at $1.14 billion, and it is one of a few DeFi tokens in $1 billion league.
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