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Aave Price Analysis: AAVE/USD set to spike pst $200 soon

Chainlink Price Analysis

TL;DR Breakdown

  • Aave price analysis is bullish today.
  • AAVE/USD saw a strong selloff overnight continue.
  • Support is found around $180

The continuing uptrend on Aave is bolstered by a strong bearish price movement in the cryptocurrency market, which might be expected to lead to further gains after a fast rejection of downside at $170 previous June swing low. As a result, AAVE/USD is anticipated to revisit previous supports around $225 as resistance.

Aave price movement in the last 24 hours: Aave sets strong higher low at $182

Aave price analysis indicates that the bulls control the market as the cryptocurrency recovers from a recent selloff. The digital asset saw a strong selloff overnight, with support found around $180. 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 swing low. As a result, AAVE/USD is likely to revisit previous support around $225 as resistance.

Technical indicators are currently bullish on Aave, with RSI indicating oversold conditions. Support is seen at $140 with resistance expected at $226 where buying volumes are likely to be high.

AAVE/USD 4-hour chart: AAVE starts to recover

The price of Aave has been gradually rising over the day, and it looks to be resuming its ascent. On the 4-hour chart, we can see that Aave is recovering rapidly, quickly returning above 190.

Aave Price Analysis: AAVE/USD set to spike pst $200 soon 1
AAVE/USD 4-hour chart. Source: TradingView

The Bollinger bands are wide, signaling a high volatile market, and the MACD is in bullish territory. The RSI is at 47 which shows that there is still room for the price of Aave to grow.

The next resistance level can be found at $226, where buying pressure is likely to increase. The support line is at $140, but it could break if the selling pressure intensifies.

Despite this, the price of AAVE/USD has fallen significantly over the last 24 hours, in tandem with the rest of the market. After a 30 percent decline to the downside, the $170 major swing low was revisited.

Following the big price rise on Friday, traders were pleased by a reaction down that allowed them to regain lost ground. Since then, the Aave price movement has remained sideways and is forecast to remain so throughout the next 24 hours. The previous support level at $225 is expected to be revisited later in the weekend when resistance will arise.

Aave Price Analysis: Conclusion 

The recent price movement is bearish, with a potential turnaround following a significant rejection of a downside around $170. We think the AAVE/USD pair has completed its fall and will try to recoup some of its losses during the weekend.

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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