- Aave price analysis is bearish today.
- AAVE/USD continued to decline overnight.
- Next support at $260.
Aave price analysis is bearish today as the $280 support was broken earlier today after a strong bearish momentum continued overnight. Therefore, we expect AAVE/USD to continue lower later today and test the $260 support next.
The cryptocurrency market traded mostly in the red over the last 24 hours. The market leader held its ground, with a gain of 0.88 percent, while Ethereum lost 4.26 percent. The rest of the top altcoins have seen an even worse performance with losses of around 5-7 percent.
Aave price movement in the last 24 hours: Aave breaks $280 support as bearish momentum is still strong
AAVE/USD traded in a range of $273.16 – $298.60, indicating strong volatility over the last 24 hours. Trading volume is up by 5.32 percent and totals $211.8 billion, while the total market cap trades around $3.62 billion, ranking the coin in 44th place overall.
AAVE/USD 4-hour chart: AAVE to reach back to $280 major low?
On the 4-hour chart, we can see the Aave price action continuing to decline, indicating that we will see the $260 mark tested next.
Aave price action has struggled to reach further upside so far this month. After a quick rally to $320 at the beginning of October, a slightly higher high was set.
However, AAVE/USD could not move further from there. After a slight retracement, another push higher followed late last week. Resistance at $320 prevented further upside again, reversing the market lower.
Since then, the Aave price action has slowly retraced, with the $280 previous support broken over the past hours. Overall, we expect AAVE/USD to continue lower as bearish momentum is still strong.
Aave Price Analysis: Conclusion
Aave price analysis is bearish today as more downside is expected after a strong decline over the last 24 hours. Therefore, we expect AAVE/USD to test the $260 support next.
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