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Aave Price Analysis: AAVE swiftly moves below $280 support, more downside to follow?

Aave Price analysis

TL;DR Breakdown

  • Aave price analysis is bearish today.
  • AAVE/USD continued to decline overnight.
  • Next support at $260.

Aave price analysis is bearish today as the $280 support was broken earlier today after a strong bearish momentum continued overnight. Therefore, we expect AAVE/USD to continue lower later today and test the $260 support next.

Aave Price Analysis: AAVE swiftly moves below $280 support, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. The market leader held its ground, with a gain of 0.88 percent, while Ethereum lost 4.26 percent. The rest of the top altcoins have seen an even worse performance with losses of around 5-7 percent.

Aave price movement in the last 24 hours: Aave breaks $280 support as bearish momentum is still strong

AAVE/USD traded in a range of $273.16 – $298.60, indicating strong volatility over the last 24 hours. Trading volume is up by 5.32 percent and totals $211.8 billion, while the total market cap trades around $3.62 billion, ranking the coin in 44th place overall.

AAVE/USD 4-hour chart: AAVE to reach back to $280 major low?

On the 4-hour chart, we can see the Aave price action continuing to decline, indicating that we will see the $260 mark tested next.

Aave Price Analysis: AAVE moves below $280 support, more downside to follow?
AAVE/USD 4-hour chart. Source: TradingView

Aave price action has struggled to reach further upside so far this month. After a quick rally to $320 at the beginning of October, a slightly higher high was set.

However, AAVE/USD could not move further from there. After a slight retracement, another push higher followed late last week. Resistance at $320 prevented further upside again, reversing the market lower.

Since then, the Aave price action has slowly retraced, with the $280 previous support broken over the past hours. Overall, we expect AAVE/USD to continue lower as bearish momentum is still strong.

Aave Price Analysis: Conclusion 

Aave price analysis is bearish today as more downside is expected after a strong decline over the last 24 hours. Therefore, we expect AAVE/USD to test the $260 support next.

While waiting for Aave to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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