- Aave price analysis is bearish today.
- AAVE/USD retraced back to $260.
- Bearish momentum is slowly taking over today.
The price of Aave is bearish today, as we’re presently in consolidation below the $280 level following a drop overnight. Over the next 24 hours, AAVE/USD is expected to continue downward with the broader trend.
Cryptocurrency heat map. Source: Coin360
Data from the overall cryptocurrency market indicates the majority of the coins are trading in the red zone. Solana and CRO are the only gainers in the last 24-hours with 3.56 and 12.56 percent respectively. Market leaders Bitcoin and Ethereum shed 2.97% and 4.2% of their value.
Aave price movement in the last 24 hours: Aave retraces to $280, begins consolidating
AAVE/USD was up and down in a range of $272.16 – $280.74 over the last 24 hours, suggesting a moderate degree of volatility. Trading volume has dropped by 41.66 percent, totaling $199 million, while the overall market capitalization trades at approximately $15.78 billion, putting it in 50th place overall.
AAVE/USD 4-hour chart: AAVE looks to move lower again?
We may see bearish momentum build on the 4-hour chart, which is likely to result in a new lower low by the end of the weekend.
The price of Aave has been in a declining trend since the start of November. After breaking through several weeks’ worth of support at $310 last week, numerous lower lows and highs were established until the current monthly low of $260 was reached on November 18th.
The price of AAVE/USD fell further after a brief consolidation, finding resistance at $280. Another negative high has been established, suggesting that the overall bearish trend will continue.
Today, the Aave price has settled below the all-time high. The past few hours have seen some bearish indicators return, suggesting that there may be more decline ahead in the next 24 hours.
Aave Price Analysis: Conclusion
The price analysis for Aave is bearish right now, as we saw the $280 barrier prevented further gains after a strong comeback yesterday. As a result, we anticipate AAVE/USD to fall further in the next 24 hours.