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Aave Price Analysis: AAVE back to the $260 resistance level, bears prepare to take over

TL;DR Breakdown

Aave price analysis is bearish today.
AAVE/USD retraced back to $260.
Bearish momentum is slowly taking over today.

The price of Aave is bearish today, as we’re presently in consolidation below the $280 level following a drop overnight. Over the next 24 hours, AAVE/USD is expected to continue downward with the broader trend.

Cryptocurrency heat map. Source: Coin360

Data from the overall cryptocurrency market indicates the majority of the coins are trading in the red zone. Solana and CRO are the only gainers in the last 24-hours with 3.56 and 12.56 percent respectively. Market leaders Bitcoin and Ethereum shed 2.97% and 4.2% of their value.

Aave price movement in the last 24 hours: Aave retraces to $280, begins consolidating

AAVE/USD was up and down in a range of $272.16 – $280.74 over the last 24 hours, suggesting a moderate degree of volatility. Trading volume has dropped by 41.66 percent, totaling $199 million, while the overall market capitalization trades at approximately $15.78 billion, putting it in 50th place overall.

AAVE/USD 4-hour chart: AAVE looks to move lower again?

We may see bearish momentum build on the 4-hour chart, which is likely to result in a new lower low by the end of the weekend.

Aave price analysis — AAVE/USD 4-hour chart. Source: TradingView

The price of Aave has been in a declining trend since the start of November. After breaking through several weeks’ worth of support at $310 last week, numerous lower lows and highs were established until the current monthly low of $260 was reached on November 18th.

The price of AAVE/USD fell further after a brief consolidation, finding resistance at $280. Another negative high has been established, suggesting that the overall bearish trend will continue.

Today, the Aave price has settled below the all-time high. The past few hours have seen some bearish indicators return, suggesting that there may be more decline ahead in the next 24 hours.

Aave Price Analysis: Conclusion

The price analysis for Aave is bearish right now, as we saw the $280 barrier prevented further gains after a strong comeback yesterday. As a result, we anticipate AAVE/USD to fall further in the next 24 hours.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Aave Classic, and Cardano vs Aave.

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.

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.