- Aave price analysis is positive on the 24-hour chart.
- AAVE/USD back to $290 support.
- Closest resistance at $310.
Aave is now in a bearish trend. After breaking below the $300 barrier, the sellers aim for the $290 support line. As a result, we anticipate that AAVE/USD will continue to decline over the next 24 hours.
Aave price movement in the last 24 hours: Aave finds support at $290, tests upside
Looking at the 4-hour chart below, we can note that Aave has found resistance to an upside momentum and continues to decline. We expect this trend to continue as the $290 support level has been tested and retested multiple times. Although traders have made no attempts to break above $300 yet, we expect the price to do so in the next few hours. Furthermore, even if that is not the case, we still anticipate a decline back to $290.
Technical indicators on the daily chart show a strong bearish sentiment. Looking at the RSI, in particular, it is trading in a range between 20 and 40. This type of trading indicates significant uncertainty regarding the future direction of the market momentum. Furthermore, Aave has been testing $290 three times now, and each time was rejected by traders – this sets back up the expectation of a move downwards.
Aave is now trading between $290 and $300, which highlights support at $290. This also sets the foundation for further momentum towards this price level as it is optimal to make entry/exit decisions within these boundaries.
The daily MACD (a trend indicator) has started increasing following the pattern of a bullish convergence. This is an early sign that momentum will likely start shifting towards the upside, and we can expect to see some upwards movement within Aave within the next few hours.
AAVE/USD 4-hour chart: AAVE testing $290 support for the third time
We observed that Aave’s price movement was taking a break from the $290 support, which might signal more gains in the near term.
Looking at the four-hour chart, we see that Aave is about to reach lower lows as it is currently trading around the $290 support. Although this break shows signs of weakness, there are no clear signals of an immediate downside momentum yet.
AAVE/USD 4-hour chart. Source: TradingView
The RSI on the daily chart is currently trading between 30 and 70, which indicates that traders are not sure about where to go next. We expect this trend to continue as the market fluctuates between $290 support on the one hand and $300 resistance on the other.
In addition, looking at this graph, we can see that there is a bullish convergence developing. This pattern is formed when the daily MACD increases while the price of an asset decreases. It demonstrates that momentum will likely shift towards the upside and support our overall analysis that Aave might go up within the next 24 hours.
As we can see on the daily chart below, Aave is currently fluctuating between $290 and $300 resistance. We might still expect moderate market volatility to continue within this range for the near future. However, no immediate downside momentum is expected as traders are still uncertain about their next move.
Aave Price Analysis: Conclusion
we expect Aave to continue on its bearish trend over the next 24 hours and stay below $300. Furthermore, Aave will attempt to break above $300 resistance in the coming days or weeks.
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