- 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.
Cryptocurrency 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.
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.