- Aave price analysis is bullish for today.
- AAVE/USD retraced from $345 today.
- The support was found at $305 previous low.
Aave price analysis is bullish today as the market has reached previous support at $305 and rejects further downside over the last hours. Therefore, we expect AAVE/USD to reverse later today and move back towards the $345 resistance.
The cryptocurrency market traded with a bearish momentum over the last 24 hours, with Bitcoin down by 3.26 percent. Ethereum is down by 5.86 percent, while Solana is among the worst performers, with a loss of more than 11 percent.
Aave price movement in the last 24 hours: Aave retraces to $305 support.
AAVE/USD traded in a range of $304.29 – $337.89, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.26 percent and totals $314.12 billion, while the total market cap trades around $4.15 billion, ranking the coin in 37th place.
AAVE/USD 4-hour chart: AAVE set to reverse later today?
On the 4-hour chart, we can see Aave price rejecting further downside, indicating an upcoming reversal back to $345 resistance.
Aave price action has seen strong volatility over the past weeks. After failing to set a further higher high at the beginning of September, a lower high was set around $420.
From the $420 resistance, AAVE/USD spiked lower 25 percent until support was found around $310. What followed was a reaction back to $345 previous support turned resistance and another retest of the $310 support, this time moving slightly lower – to $305.
Over the weekend, the Aave price action rallied higher again and retested the $345 resistance for the second time. Further upside could not be reached, leading AAVE/USD to another drop today back to $305 support.
Aave Price Analysis: Conclusion
Aave price analysis is bullish today as the market retested the $305 support with a rejection for further downside. Therefore, we expect AAVE/USD to reverse later today and look to break above the $345 previous resistance.
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