- Aave price analysis is bullish today.
- AAVE/USD rallied to $345 over the past days.
- Resistance currently rejecting further upside.
Aave price analysis is bullish today as the $345 resistance currently gets tested after a strong rally earlier today. Therefore, AAVE/USD will likely break higher and establish a strong higher high next.
The overall crypto market traded in the green over the last 24 hours. Bitcoin gained 0.79 percent, while Ethereum 0.18 percent. Meanwhile, Litecoin (LTC) was the top performer, with a gain of over 17 percent.
Aave price movement in the last 24 hours: Aave tests resistance at $345 after a strong rally
AAVE/USD traded in a range of $324.82 – $348.31, indicating substantial volatility over the last 23 hours. Trading volume has spiked by 101 percent and totals $469 million, while the total market cap trades around $4.56 billion, ranking the coin in 46th place overall.
AAVE/USD 4-hour chart: AAVE hesitates to move past $345
On the 4-hour chart, we can see strong bullish momentum over the past hours leading to the $345 previous resistance.
Aave price action saw bullish momentum slowly return over the past days. After peaking at $345 on the 5th of November, a retracement back to the $300 major support followed.
AAVE/USD started to slowly recover over the weekend, making its way above $325 minor resistance. Yesterday, bulls remained in control, leading to the current push higher.
Overall, the Aave price action development should lead us to a strong higher high set over the next 24 hours. Therefore, the market structure will shift to being bullish again after a strong decline was seen at the end of October.
Aave Price Analysis: Conclusion
Aave price analysis is bullish today as we expect the $345 mark to be broken after a strong buying pressure earlier today. AAVE/USD should see further upside later today as the next resistance is relatively far away.