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 is currently at $307.5.
  • The resistance is currently rejecting further upside.

The Aave price analysis is bearish today as the $320 su[port was broken overnight. Price had been trading in a tight range just above that at around $305 – 315, so the break has been somewhat unexpected. As you can see from the chart below, the price broke through yesterday but found support at $305 and continued to rally briefly before bearish price action kicked in again.

AAVE/USD is at the resistance level; the main resistance is currently sitting at $327 – 333, which acts as a driver for price action. A close above this will test the following major resistance levels, which are broken down below. The support for today is sitting around $303 – 305.

AAVE/USD 4-hour chart: AAVE consolidates around $307

The 4-hour chart suggests that we could be looking at a short-term trend reversal. The RSI and MACD have dropped below the 50 levels and are currently moving lower and look to continue in that direction. If the price breaks down further, then we could see $300 tested again for the support, but I think the resistance will prevent many downsides from occurring.

Aave Price Analysis: AAVE/USD is bullish for the next 24 hours 1
AAVE/USD 4-hour chart. Source: TradingView

The daily chart shows that we may be peaking out; the price has made a higher high and then pulled back and tested support around $310 – 312 before breaking to the downside. The next leg down should see us test the $300 level if previous support does not hold, as I suspect it won’t.

The Aave price analysis is bearish today. Price has broken the $320 resistance, and I suspect that once it becomes clear to everyone that this level will not hold, the next resistance levels could see a surge of buying interest which would take us back towards $327 – 335. If we can break through this, then there may be some upside, and we could make a retest of $340 – 350, but this level will be greatly resisted, and I suspect that price may return down towards the support around $300.

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.

Aave Price Analysis: Conclusion 

The price of Aave is bearish today, as shown by the four-hour chart below, with a break below $305 leading to further downside. The next level of support looks to be around $300, but I think this will likely fail, and we could see a test of the next leg down which is pegged at about $280 – 285, which is likely to be strong support.

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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