Aave price analysis: A spike to $310 is possible over the weekend

Aave Price Analysis

TL;DR Breakdown

  • Aave price analysis is bullish today.
  • Aave price analysis is favorable today.
  • Aave is trading at $304.

Aave price analysis is bullish today, as a new higher low has been established around $285, with a reaction higher late yesterday. As a result, we expect AAVE/USD to rise even further and aim for the $345 resistance in the future.

Over the past 7 days, Aave has seen a steady decline in value with some sharp falls similar to those experienced by other cryptocurrencies this week. After testing the $280 support once more on April 4th, Aave dropped down to test that level again yesterday evening on April 12th, establishing another higher low around $285 before jumping up 25%+ overnight. You can see the rise on the chart below.

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

We can also see the price of Aave rebounding from a brief drop yesterday, which was met with additional bullish pressure on the 4-hour chart.  With a daily close above $285, we can expect Aave to continue to rise and aim for the $345 resistance level.

There is also significant support around the $300-305 range, which will likely prevent further price declines like those seen over the past week. We believe this support level strengthens as buying pressure continues and that Aave will likely see further gains throughout the weekend.

Aave price analysis: A spike to $310 is possible over the weekend 1

Aave Price Analysis: AAVE spikes higher after failing to retrace to $280AAVE/USD 4-hour chart. Source: TradingView

In October, a bullish bias has been restored in Aave price action. In September, after a series of lower lows and highs, support was discovered at around $260.

We expect AAVE/USD to rally towards our next resistance at $345 over today and tomorrow’s sessions following further northbound momentum today. For now, though, let us go through the key levels we are watching.

First, support at $285 has to be broken for further bullish momentum to take control. A breach here would signal that bulls are back in control and that another rally is underway. If this level holds, bears will likely establish a new lower low around $255-$270 before any potential rallies occur.

Next, resistance lies at the psychological round number of $300. We expect this area to provide some resistance as it did yesterday evening when prices dropped down away from this barrier. A daily close above here will be needed to confirm further northbound action for AAVE/USD. For now, though, the buy zone remains between 290-290 – an area that also coincides with short-term 50% Fibonacci retracement.

Further resistance then lies at $345, where we expect bulls to continue pushing prices northbound before a reaction occurs. If you’re looking for a good entry point, consider waiting for a daily close above this level or around 293-294. A push-up from here could see prices rise as high as the recent top found at $409.

The RSI has also risen from 30 into positive territory at 53, indicating bullish momentum may be strengthening. However, given that there was no clear accumulation like there usually is before such sharp rises (the small green candle with low volume), we could see these gains start to slow down as we approach $306.

Aave Price Analysis: Conclusion 

Although it has been a sharp fall in price over the week, Aave is set to rally further based upon the technicals. We anticipate that AAVE/USD will spike t $310 in the next two days.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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