Buying Another Dip: LEND Aave Platform

Yesterday I wrote a post about buying the dip with the SNX token. Today, another major leg down occurred in crypto and it seems to have the greatest impact on DeFi cryptocurrencies.

I have a watchlist of some DeFi coins that I like best. With these things, you want a mix of hype and reality. You want to make sure that the project has something behind it but that doesn't mean that it needs to be the best thing out there.

So as I looked through my watchlist for coins to buy that had a nice potential to reverse to equilibrium on the upside, LEND stood out to me. It's down over 20% on the day and I think there's a nice bottom forming here.

The entry position I took today was at $0.45. I did buy 2 days ago as well at a slightly higher price, so my average is in between here and $0.50.

From here, I'm looking for an upside at around $0.59. I'll close out the trade and likely move into either USDT or ETH after this position is profitable.

The Aave platform allows users to interact with various DeFi contracts including - but not limited to:

• Lending
• Collateralized Loans
• Staking
• Etc.

I think Aave has some great upside potential in the long-term, although this trade is aimed at a short-term upswing in price as the DeFi industry retraces on these losses to the upside in the coming few days.

Posted Using LeoFinance ^Beta