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Aave Price Analysis: Bulls post strong gains after breaking above $300

Aave USD price analysis

TL;DR Breakdown

  • Aave price analysis is bearish today.
  • AAVE/USD continued to decline overnight.
  • Next support at $320.

The analysis of Aave’s price is positive today after the coin flew several green candlesticks up from the $298 region to $314.  The Aave market underwent rapid bullish momentum overnight resulting in the bears getting displaced and spiking buyer volumes.  As a result, we anticipate AAVE/USD to continue rising later today and new support levels.

Aave Price Analysis: Bulls post strong gains after breaking above $300 1Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the green over the last 24 hours. The market leader held its ground, with a gain of 4.04 percent, while Ethereum gained 0.92 percent. 

Aave price movement in the last 24 hours: Aave breaks $300 support as bearish momentum is still strong

AAVE/USD experienced tremendous volatility over the previous 24 hours, ranging from $298 to $314.60. Trading activity is up by 5.32 percent and has a volume of $211 billion, whereas the overall market capitalization is around $3.62 billion, putting it in 44th place worldwide.

AAVE/USD 4-hour chart: AAVE set to retrace in the meantime

We can see that the price of Aave continues to rise on the 4-hour chart, implying that $320 will be approached next.

Aave price analysis
AAVE/USD 4-hour chart. Source: TradingView

Since the start of October, the price of Aave has struggled to climb much higher. In early October, a modest advance was made, culminating in a high at $320.

However, the bull market could not continue. After a brief retracement, another surge took place late last week. Resistance at $320 once again halted ascent when it was breached, sending the market tumbling once more.

Aave’s price has been declining for several years, and it appears to be on the verge of resuming its freefall. The $280 support level was broken in recent hours, suggesting that AAVE/USD will continue to fall.

Aave Price Analysis: Conclusion 

After a powerful ascent over the previous 24 hours, we see another up down for AAVE/USD today. As a result, we expect that AAVE/USD will attempt to test the $320 support next.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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