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Aave Price Analysis: AAVE spikes higher after failing to retrace to $280

TL;DR Breakdown

  • Aave price analysis is bullish today.
  • AAVE/USD saw bullish momentum return overnight.
  • Aave is set to rally further.

Aave price analysis is bullish today as a new higher low has been set around $285, with a reaction higher late yesterday. Therefore, we expect AAVE/USD to continue higher and look to reach the $345 resistance next.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 5.65 percent, while Ethereum increased by 5.43 percent. Meanwhile, Shiba Inu (SHIB) is still the best performer.

Aave price movement in the last 24 hours: Aave returns above $305

AAVE/USD traded in a range of $287.96 – $317.28, indicating strong volatility over the last 24 hours. Trading volume has increased by 27.69 percent and totals $326.45 billion, while the total market cap trades around $4.09 billion, ranking the coin in 43rd place overall.

AAVE/USD 4-hour chart: AAVE to reach new highs today?

On the 4-hour chart, we can see bullish momentum returning for the Aave price action after a brief spike lower yesterday was met with increased bullish pressure.

AAVE/USD 4-hour chart. Source: TradingView

Aave price action has seen bullish momentum return in October. After a series of lower lows and highs in September, support was eventually found at around $260.

Above the support, AAVE/USD consolidated for several weeks, until a break higher was seen on the 2nd of October. Aave eventually peaked at around $325, with a slight rejection from there.

Yesterday, bears attempted to take over the market momentum, however, bullish momentum returned around $285. Aave price action advanced back above $305, where it currently prepares for another push higher.

Aave Price Analysis: Conclusion

Aave price analysis is bullish today as the downside was rejected yesterday, leading the market back above $305 previous resistance. Therefore, we expect AAVE/USD to continue higher over the next 24 hours.

While waiting for Aave to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on October 7, 2021 11:26 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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