Aave Price Analysis: AAVE/USD breaks below $300 on the daily chart

Aave price analysis

TL;DR Breakdown

  • Aave price analysis is positive on the 24-hour chart.
  • AAVE/USD back to  $290 support.
  • Closest resistance at $310.

Today’s price analysis for Aave is bearish today after breaking below the $300 mark and now the sellers are aiming for the $290 support. As a result, we anticipate that AAVE/USD will extend its downtrend over the next 24 hours.

Aave Price Analysis: AAVE/USD breaks below $300 on the daily chart 1
Cryptocurrency heat map. Source: Coin360

Following a 1.971% rise in Bitcoin and a 0.93% increase in Ethereum, the general cryptocurrency market is trading bullishly according to Coin360’s heatmap. Binance Coin, Solana, and Cardano have lost seats, while  Polkadot, and Ripple have posted gains.

Aave price movement in the last 24 hours: Aave finds support at $290, tests upside

The price of AAVE/USD changed between $298 and $308 over the last day, indicating little fluctuation in that time period. Trading volume was at $167 million, down by 14%. The overall market value is valued at about $3.93 billion, putting the currency in 45th place worldwide.

AAVE/USD 4-hour chart: AAVE looking to set a higher low at $290?

On the 4-hour chart, we can see Aave price action reacting from the $290 support, likely leading to more upside over the next 24 hours.

Aave Price Analysis: AAVE/USD breaks below $300 on the daily chart 2AAVE/USD 4-hour chart. Source: TradingView

In October, Aave price movement has been confined to the sideways range. The trading range’s upper limit was established early in the month when a rally to $325, where a higher high was set, marked the beginning of the trading range.

On the 8th of October, a new attempt to surpass the $325 was made following a retracement and consolidation below $310 previous resistance. The price advance was followed by a significant retracement back to $270.

Since then, the price of Aave has gradually advanced higher, reaching a somewhat lesser high around $320. Over the past weeks, a retracement was observed toward $290, where a higher low is likely to be established, suggesting AAVE/USD will move higher later this week.

Aave Price Analysis: Conclusion 

The price analysis for Aave is negative today, after the price went down just below the $300 price level. We anticipate AAVE/USD to continue dropping over the next 24 hours unless the price is able to build support above $300.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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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