- The Aave price analysis is in a bearish trend today.
- AAVE/USD suffered further losses during the night.
- $280 support was breached.
The price of Aave is bearish today, as the $280 support was breached early this morning after a solid bearish trend was maintained overnight. As a result, we anticipate a further decline in AAVE/USD later today and next week, with a target of $260.
Aave price movement in the last 24 hours: Aave tests $299
AAVE/USD has fluctuated widely in the previous 24 hours, ranging between $273.16 and $298.60, indicating significant volatility over that period. The 5.32 percent higher volume and market capitalization of around $3.62 billion (ranked 44th overall) show a modest increase in volatility levels.
At the time of writing, Aave is trading at $298.20 and is down another 4 percent to its lowest price in 5 days. It has dipped below $300 for the first time since we reported on it just a week ago.
Aave price prediction: bearish trend outweighs bullish sentiment
Traders are waiting for a breakout from the current downward trend, which would indicate a resurgence in optimism. However, based on the momentum of the bearish trend and the lack of signs that it will come to an end soon, we believe that Aave prices will remain low for at least another week.
AAVE/USD 4-hour chart: AAVE to reach back to $280 major low?
On the 4-hour Aave price analysis chart, we can observe that the price action for Aave is continuing to fall, indicating that the $260 mark will be tested next.
AAVE/USD 4-hour chart. Source: TradingView
Earlier this month, we reported that Aave had experienced a slight upturn in fortunes. This was thanks to an increase in price and market cap, which coincided with an increase in trading volumes of around 43 percent compared to the week before.
As well as this, there were indications of increased interest among traders – Google Trends showed twice the number of searches for “save” over the average number of searches.
Although we don’t expect Aave to become more prevalent in the immediate future, as CoinFi, a platform that provides trading signals and analysis tools via an open-sourced intelligence protocol, announced its collaboration with them in early May. This is expected to bring greater exposure for Aave, which may lead to it regaining previous heights.
Aave Price Analysis: Conclusion
Based on this analysis, we maintain our Aave price prediction of $260. However, should the bearish trend continue at its current pace, the support at $280 will likely be breached soon.
Aave is currently trading at $298.20 and has lost another 4 percent overnight to take us down to the lowest price in 5 days. The move below 300 seems to have some potential as there are very few indicators of a reversal coming any time soon. However, traders are still waiting for a breakout from this downward trend, indicating renewed optimism about AAVE/USD.
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.