- Aave price analysis is bearish today.
- AAVE/USD continued to decline overnight.
- Next support at $320.
After the coin reached several green candlesticks, it rose several bright candlesticks up from $298 to $314 today. The market for Aave had a strong overnight rally, resulting in the bears being driven away and buying volumes spiking. As a result, we anticipate AAVE/USD to rise even higher later today and establish new support levels.
AAVE/USD 4-hour chart: AAVE set to retrace in the meantime
We can see that the price of Aave is continuing to climb on the 4-hour chart, implying that $320 will be reached next.
The daily chart for AAVE/USD shows that Ether fell below both the 50-day moving average and 100-day moving average last week. The RSI also dropped back into the 30s after reaching overbought conditions.
Now, Ether is trading at $307.51 but struggled to defend yesterday’s high of $314.9, which was a false breakout fuelled by false buying momentum and resulted in a red candlestick followed by today’s bearish price action. The next support comes at $300, but we expect Aave could fall further soon if sellers continue to apply pressure from this level.
The hourly chart for AAVE/USD shows that several green candlesticks were created last night after AAVE/USD set a low of 300 before buyers emerged and pushed the coin back up again slightly. At press time, Aave is trading at $307.
Since the beginning of October, the price of Aave has struggled to rise much higher. In early October, a modest advance was made, culminating in a high of $320.12. This move was followed by a substantial decline, which resulted in a low of $253 on October 10th.
The market has been showing signs of improvement over the past 24 hours with increased trading volumes. However, we still anticipate Aave could fall further soon if sellers continue to apply pressure from this level and push’s price towards $320.
The bear market, on the other hand, came to an end. The bull market initially faltered, then rebounded late last week after a minor setback. When resistance at $320 was broken again, the market tumbled once more.
The price of Aave has been sinking for years, and it appears to be on the verge of a freefall. The $280 support level was shattered in recent hours, suggesting that AAVE/USD will continue to fall.
Aave Price Analysis: Conclusion
We now have another up down for AAVE/USD after a substantial rise over the previous 24 hours. As a result, we believe that AAVE/USD will seek to test the $320 support next.
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