TL;DR Breakdown
- Aave price analysis is bearish today.
- AAVE/USD retraced back to $260.
- Aave is currently trading at $265.
Aave is presently under selling pressure, as we’re in consolidation below the $280 mark following a decline overnight. AAVE/USD is anticipated to continue down over the next 24 hours in keeping with the broader movement. As outlined yesterday, there are key areas of support to note around the $300-$280 zone, although these levels are being tested for now. There’s a greater chance this price region will hold following the sudden sell-off during early morning hours today.
Aave is presently under selling pressure, as we’re in consolidation below the $280 mark following a decline overnight. AAVE/USD is anticipated to continue down over the next 24 hours in keeping with the broader movement. As outlined yesterday, there are key areas of support to note around the $300-$280 zone, although these levels are being tested for now. There’s a greater chance this price region will hold following the sudden sell-off during early morning hours today.
AAVE/USD 4-hour chart: AAVE looks to move lower again?
On the 4-hour chart, we may see bearish momentum build throughout the weekend, which is expected to result in a new low by the end of the week.
As we can see from the 4-hour chart above, price action has tested and retested a range of support and resistance zones today. At present, we’re experiencing some slight bearish movement as AAVE/USD trades just below $280. Given that prices are moving above the Ichimoku cloud, this can be viewed as a positive sign.
However, momentum is negative, and there’s currently not much buying volume in the market, which suggests that further downward price action may be on the cards over the next day. As outlined yesterday, there are key areas of support to note around the $300-$280 zone, although these levels are being tested for now.
Short-term support is found around $270, whereas further resistance can be located at $280 and $290. A break of the latter could signal a possible move towards the next key support at $270.
Since the beginning of November, the price of Aave has been declining. Following a string of 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 dipped further, finding resistance at $280 after a brief consolidation. A new negative high has been set, suggesting that the overall bearish trend will continue.
Today’s price of Aave has fallen below its all-time high. In the past few hours, some bearish signals have resurfaced, suggesting more bad news on the road in the next 24 hours.
Aave Price Analysis: Conclusion
Aave’s price is presently bearish, as we witnessed how the $280 support prevented further increases after a strong comeback yesterday. As a result, AAVE/USD is expected to fall further in the next 24 hours.
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.
