TL;DR Breakdown
- Aave price analysis is bullish today.
- AAVE/USD is presently trading at $337.
- The resistance is currently rejecting further upside.
The Aave price analysis is bullish today as the $345 resistance is being challenged after a strong rally earlier. As a result, AAVE/USD will probably break higher and establish a solid higher high in the near term. Following this, we will most probably see a pullback to $310 before we can go higher.
AAVE/USD 4-hour chart: AAVE hesitates to move past $345
We can observe a strong bullish spike over recent hours on the four-hour chart, pushing the price above $345.
The price of Aave has seen a slow recovery in recent days, with bullish momentum reappearing after a brief pause. After reaching a high of $345 on November 5th, the price subsequently retreated to the $300 significant support level.
Finally, the price of Bitcoin is now back under control. Around $325 minor support was overcome on Sunday, allowing the valuation to start recovering. Yesterday, bulls kept control, resulting in today’s push higher.
On the 4H chart, there’s a strong resistance that has rejected price and is currently rejecting further upside. The bullish momentum that pushed prices up to $345 has faded away so far, as shown by the bearish 50EMA 5H trend-line. After that, the price will establish a base at $310, which recently acted as resistance and broke down to catapult AAVE/USD higher. We are thus expecting the price to consolidate around $310 before we can go higher again in the medium term towards $345 resistance.
As of now, it seems there has been some bearish momentum that is preventing the price from going higher. The reason for this was when there was a break below $335 support. Surprisingly, AAVE/USD has put up with strong bearish momentum at the moment instead of trading sideways in the near term. What does this mean? Well, it means that bears are not out of the game yet. Either the price will recover to $335 support, or it will go lower below $300. The Aave price analysis today is bullish because of these reasons; if you’re trading long, then it’s advisable to buy at the current price of $345.
Aave Price Analysis: Conclusion
AAVE/USD was in favor today after a strong buying pressure yesterday pushed the $345 mark. Later today, AAVE/USD should rise further as the next barrier is relatively distant.
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