Aave Price Analysis: AAVE retests $305 previous low, a swift reversal from there?

Aave Price analysis

TL;DR Breakdown

  • Aave price analysis is bullish for today.
  • AAVE/USD retraced from $345 today.
  • The support was found at $305 previous low.

Aave price analysis is bullish today as the market has reached previous support at $305 and rejects further downside over the last hours. Therefore, we expect AAVE/USD to reverse later today and move back towards the $345 resistance.

Aave Price Analysis: AAVE retests $305 previous low, a swift reversal from there? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bearish momentum over the last 24 hours, with Bitcoin down by 3.26 percent. Ethereum is down by 5.86 percent, while Solana is among the worst performers, with a loss of more than 11 percent.

Aave price movement in the last 24 hours: Aave retraces to $305 support.

AAVE/USD traded in a range of $304.29 – $337.89, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.26 percent and totals $314.12 billion, while the total market cap trades around $4.15 billion, ranking the coin in 37th place.

AAVE/USD 4-hour chart: AAVE set to reverse later today?

On the 4-hour chart, we can see Aave price rejecting further downside, indicating an upcoming reversal back to $345 resistance.

Aave Price Analysis: AAVE retests $305 previous low, a reversal from there?
AAVE/USD 4-hour chart. Source: TradingView

Aave price action has seen strong volatility over the past weeks. After failing to set a further higher high at the beginning of September, a lower high was set around $420.

From the $420 resistance, AAVE/USD spiked lower 25 percent until support was found around $310. What followed was a reaction back to $345 previous support turned resistance and another retest of the $310 support, this time moving slightly lower – to $305.

Over the weekend, the Aave price action rallied higher again and retested the $345 resistance for the second time. Further upside could not be reached, leading AAVE/USD to another drop today back to $305 support. 

Aave Price Analysis: Conclusion 

Aave price analysis is bullish today as the market retested the $305 support with a rejection for further downside. Therefore, we expect AAVE/USD to reverse later today and look to break above the $345 previous resistance.

While waiting for Aave to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"

Follow Us

Industry News

Korea's authorities open investigation into TerraUSD collapse
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities
Coinbase unveils new application with Web3 functionalities
Portugal unveils capital gains tax on crypto
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million