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Aave price analysis: Bullish clouds gather as AAVE steps to the $90.0 mark

Aave price analysis AAVE retests as resistance after the desired bullish push

TL;DR Breakdown

  • Aave price analysis shows an uptrend.
  • Aave price is trying to stabilize above $90.
  • Key support for AAVE is seen at $85.02.

Aave price analysis for today shows the bulls are trying to recover from the recent dip as they aim for the $90.0 level. The market is however in a bearish bias trend as the digital asset is trading just near the immediate support of $85.02. The MACD is still in bearish territory as the signal line (blue) diverges away from the histogram. The RSI indicator is seen heading towards the oversold levels, which could be an early warning sign of a sell-off.AAVE is currently trading at $91.65 after an increase of only 0.04 percent in the last few hours.

image 374
Cryptocurrencies prices heatmap, source: Coin360

AAVE/USD: 4-hour chart: Bearish bias

Aave price analysis on the 4-hour chart shows Aave price is seen trading in a descending channel formation as it tries to find support at $85.02. The Relative Strength Index (RSI) indicator is currently at the oversold level and if the digital asset fails to find support here, it could head towards the $80.00 level. The MACD indicator is still in bearish territory as the signal line diverges away from the histogram. The MACD line is on the verge of crossing the red signal line to the downside.

image 372
AAVE/USD 4-hour price chart, source: TradingView

A fallback is anticipated as the moving averages (MA50 and MA200) descend below the candlesticks. The immediate resistance is seen at $89.48 and a move above this level could see the bulls retesting the $90.0 level. The market volatility is relatively low on the 4-hour price chart. The Bollinger bands are starting to contract which indicates that price action could get more volatile in the near term.

Aave price analysis on a daily timeframe: Bulls stumble to keep control

On the daily timeframe, Aave bulls have managed to keep price action trading above the $85.02 key support level. The digital asset has been trading between a range-bound of $85.03 to $97.83 in the last 24 hours. The bears and bulls seem to be in a battle for price control as the price has been fluctuating around $91-$90. The MACD indicator is currently in the bullish territory as the signal line diverges away from the histogram. The RSI indicator is seen heading towards the oversold levels, which could be an early warning sign of a sell-off.

image 373
AAVE/USD 1-day price chart, source: TradingView

The MA50 and MA200 are descending below the candlesticks, which indicates that a bearish trend could develop in the near term. The immediate resistance is seen at $95.54 and a move above this level could see the bulls retesting the $97.83 level. The market volatility is relatively high on the daily price chart. The Bollinger bands are starting to expand which indicates that price action could get more volatile in the near term.

Aave price analysis conclusion

Aave price analysis concludes that AAVE prices are currently trading in a neutral zone. The market is however in a bearish bias trend as the digital asset is trading just near the immediate support of $85.02. The bulls will need to push AAVE/USD prices above the $90.0 level to invalidate the bearish bias. On the other hand, if prices dip below $85.02, they could head towards the $80.00 level.

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 Oluwatobi

Joel Oluwatobi

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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