- The Aave price analysis reveals the latest trend has been bearish.
- Bears have drawn the price levels to $393.66.
- Support is consistently present at $296.
Yet, the tides have turned today as the bears are hindering Aave price from going above the $394 level. There have been sudden variations in the trends as well where bulls have been able to take hold of the market in the past four hours.
AAVE/USD 1-day price chart: Bears persistent towards keeping price under $394 range
The given one-day Aave price analysis is giving an edge to the bears today, as the AAVE/USD is correcting today after the bullish spikes of yesterday and the day before. The past week proved extremely successful for the buyers as the price levels kept touching new high points.
Today’s trend has been different as the bears have established their supremacy once again. The price has lowered to $394.13 in the last 24-hours, whereas the moving average (MA) has been at $351 consistently.
The volatility for the given price chart is on the increase, as the Bollinger bands are covering more and more area. This is why their upper value is now $439 whereas their lower value is present at $303.2, at the time of writing. The Relative Strength Index (RSI) helps in confirming the recent price movement, and it has also downgraded to 55.22.
Aave price analysis: Bulls unable to achieve a new target above $433 resistance
The 4 hours Aave price analysis report is showing that a bearish movement has been taking place since the past couple of hours. The transition has been smooth, as the bears have swiftly taken the price down to $394 once again.
The bullish rally has been interrupted and the moving average present at $395.10 is expected to move down soon. The last week has seen a crossover between SMA 20 and SMA 50 as well as there was tremendous pressure from the buyers.
The Bollinger bands are keeping their average at $364.4, whilst their upper value rests at $433.14 and the lower value at $295.64. The RSI score in the following price chart is now 62, which is still quite near to the over bought value i.e. 70.
As there have been an uninterrupted bullish trend in the past week, the technical indicators chart is giving a bullish hint. That is because there are 14 indicators on the buying level, which is a greater number if compared to the 10 indicators at neutral and two on the selling levels.
The Moving Averages indicator is also representing the bulls right now as there have been a consistency in their efforts of maintaining the upper position. There are 13 indicators settled at the buying position whilst one indicator each sits at the selling and neutral points.
Lastly, the Oscillators are giving a rather neutral indication, as there are nine oscillators at the neutral position, with the remaining two at selling and buying positions, respectively.
Aave price analysis conclusion
The 4-hours as well as 1-day Aave price analysis is supporting the bears at present, as they have caused a decline in price today. The momentum has been stronger as opposed to the general expectations, as the price has dropped down to the $394 level.
Nevertheless, chances of recovery are plenty as the support level is very strong at $299.64. In this way, Bulls can avail their first chance at recovery in future.
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