Aave Price Analysis: AAVE/USD is bullish for the next 24 hours

Aave Price Analysis

TL;DR Breakdown

  • Aave price analysis is bearish today.
  • AAVE/USD moves towards $310 resistance again.
  • Aave is trading at $302.

Aave is presently in a bearish trend, with bear momentum making the price dip this week. AAVE/USD has been in a severe downtrend since yesterday, making the price drop to lows of slightly above $300.

AAVE/USD 4-hour chart: AAVE looking to break higher?

Aave is currently in a bullish trend, with higher highs and higher lows being established.  The price made a local low of $300 last week after another new high of $320. That means it retreated around 16 percent from the recent high – not uncommon during bull markets.  This price action created a bullish reversal signal, which makes dips an opportunity to buy into the bullish trend.  

The price is also above the conversion line, again reinforcing the bullish trend.  It has completed a pullback from recent highs (marked with an arrow) and is back to moving upwards. However, the market should be aware that there are some barriers to resist upside movement, especially the $310 resistance level.

The most recent high has been $320, which is just below this level (EMA50).  This means there is a strong chance that Aave’s price will see a test of $310 resistance.  If successful, the next target would be at the Fibonacci level of 61.8 percent retracement of the entire bear market – around $3500.

However, if Aave fails to break this barrier, it may consolidate around support at $300 again.

Aave Price Analysis
AAVE/USD 4-hour chart. Source: TradingView

The price of Aave has struggled to reach further heights in recent weeks. After establishing a modestly higher high at the start of October, when trading at $310, the market experienced a several-week consolidation.

The $310 high was tested twice and proved to be unsuccessful, resulting in a retracement of about 15% and the formation of a lower low at around $275. Since then, market momentum has been on the buyers’ side, slowly pushing AAVE back towards the current swing high of $310.

Last night, bulls pushed the Aave price movement above $310 again, with a local higher low forming overnight. Overall, we anticipate that AAVE/USD will break higher today. However, if the $310 level is maintained, we think that bearish momentum will continue in the following week.

Aave Price Analysis: Conclusion 

The price of AAVE is highly constructive, as a series of local highs and lows have been established this week, bringing AAVE back under the $310 resistance. As a result, we may expect to see more significant gains in the next 24 hours, possibly resulting in another high set.

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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