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Aave Price Analysis: AAVE finds resistance at $280, prepares for another drop?

TL;DR Breakdown

Aave price analysis is bearish today.
AAVE/USD rallied back to $280.
Bearish momentum is slowly taking over today.

Aave price analysis is bearish today as we currently see consolidation below the $280 resistance after a strong rally yesterday. Likely, AAVE/USD will continue lower along with the overall trend over the next 24 hours.

Aave Price Analysis: AAVE finds resistance at $280, prepares for another drop? 1 — Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours as selling pressure returned today. The market leader, Bitcoin, has declined by 0.15 percent, while Ethereum is still in the green, with a 0.61 percent gain.

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

AAVE/USD traded in a range of $272.16 – $280.74, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 41.66 percent, totaling $199 million, while the total market capitalization trades around $15.78 billion, ranking the coin in 50th place overall.

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

On the 4-hour chart, we can see bearish momentum slowly taking over the Aave price action, likely leading to a new lower low set by the end of the weekend.

Aave Price Analysis: AAVE finds resistance at $280, prepares for another drop? — AAVE/USD 4-hour chart. Source: TradingView

Aave price action has seen steady bearish momentum so far in November. After breaking past the several-week support at $310 last week, several lower lows and highs were set until the current monthly low of $260 was reached on the 18th of November.

After a brief consolidation, AAVE/USD regained some of the loss yesterday, finding resistance at $280. Another lower high has been set, indicating we can expect the overall bearish trend to continue.

Today, the Aave price saw consolidation below the newly set high. Over the past hours, some signs of bearish momentum returning can be seen, indicating more downside to follow over the next 24 hours.

Aave Price Analysis: Conclusion

Aave price analysis is bearish today as we saw the $280 mark prevented further upside after a strong recovery yesterday. Therefore, we expect AAVE/USD to currently be preparing for another drop lower over the next 24 hours.

While waiting for Aave 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.