The continuing uptrend on Aave is encouraged by a strong bearish price movement in the cryptocurrency market, which may be expected to produce further recovery after a quick rejection of downside at $170 previous June swing low. As a result, AAVE/USD is likely to revisit previous support around $225 as resistance.
The cryptocurrency market has posted mixed results over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, gained flat rates of 0.26 and 0.43 percent, respectively, while the rest of the top altcoins have lost.
AAVE/USD has fluctuated between $182.34 and $191.91 in the past 24 hours, indicating considerable volatility. Volume has increased by 244 percent to $600 million to account for a market value of about $2.64 billion, placing the coin in 55th place amongst its peers.
On the 4-hour chart, we can observe that the Aave price is recovering, swiftly returning above the 190 mark.
The price of Aave has been gradually declining over the last weeks, with the previous low set at $225 in late November. This week, after dropping to $270 on Wednesday, AAVE/USD began a gradual rise back up through $280 on Thursday.
However, AAVE/USD has seen a significant decline over the last 24 hours, in conjunction with the overall market downturn. The $170 June major swing low was revisited after a fast rise of 30 percent to the downside.
Following the large price surge on Friday, traders were encouraged by a reaction lower that allowed them to reclaim lost ground. Since then, the Aave price action has remained sideways and is expected to continue doing so over the next 24 hours. The previous support level at $225 will most likely be tested again later in the weekend, when resistance will arise.
Today’s price analysis is bearish, with a potential comeback after a severe rejection of downside around $170. We believe that the AAVE/USD pair has completed its decline and will attempt to regain some of its losses during the weekend.
This post was last modified on December 6, 2021 5:40 am
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