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Aave price analysis: AAVE/USD illustrates further bearish dynamics at $104.83

aave 2
TL;DR Breakdown
  • Aave price analysis is bearish today.
  • Aave price is facing resistance at $107.29
  • Support for AAVE/USD is present at $103.08

Aave price analysis is bearish today as the market looks to retest support at $103.08. The market is currently facing resistance at $107.29, preventing it from breaking out to the upside. Aave has been in a downtrend since it peaked at $115 last week and has lost over 7% of its value since then. The market is expected to continue its downtrend in the short term as it looks to retest support at $107.29. A break below this level could lead to further losses for the market in the short term.

image 117
Cryptocurrencies price heatmap, Source: Coin360

The digital asset is currently trading at $104.83 after an initial drop to $107.70. The market has recovered some of its losses but is still trading below the resistance level of $107.29. The market cap for the digital asset currently stands at $1,453,329,598, While the volume market cap is at $119,239,031.

AAVE/USD 1-day price chart: Aave price is facing resistance at $107.29

On the 1-day price chart, Aave price analysis is following a descending channel. The market has been in a downtrend since it peaked at $115. The market is currently trading near the support level of $107.29 and is expected to continue its downward trend in the short term. A break below this level could lead to further losses for the market in the short term. The market is expected to find support at $101.68, which is the next level of support below $103.08.

image 121
AAVE/USD 1-day price chart, Source: TradingView

The Bollinger Band indicator is currently in the middle of the range, which indicates that the market is neither overbought nor oversold. The RSI indicator is currently at 46.65, which indicates that the market is neutral and there is no clear trend at the moment. The MACD indicator is currently in the bearish zone but is close to crossing into the bullish zone. This indicates that the market could see a reversal in the near future.

Aave price analysis on a 4-hour price chart: Bears continue to put pressure on Aave prices

The 4-hour Aave price analysis chart is bearish as the coin has been found trading at the $104.83 level and support at $103.08. The market is currently facing resistance at the $107.92 level, and further selling pressure could see Aave prices drop to $101.83 in the next few hours. The market is currently facing some selling action as it is trading below the $107.29 level. The market is expected to continue its downward trend in the short term as it looks to retest support at $103.08.

image 118
AAVE/USD 4-hour price chart, source: TradingView

The MACD line is currently on the verge of crossing into the bearish zone, which indicates that the market is likely to continue its downward trend in the short term. The RSI indicator is currently at 47.48 and is neutral at the moment. The Bollinger band is below the middle line, which indicates that the market is oversold at the moment.

Aave price analysis conclusion

The price experienced a drop today as it has been confirmed from the one-day and four hours Aave price analysis. Although the price went higher at the start of the trading session, following yesterday’s bulls trend, the bears are now back on track as they have been able to bring the price down to the $104.83 level. The cryptocurrency is to face more loss in the future as the hourly prediction has been on the unfavorable side as well.

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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