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Aave price analysis: AAVE spikes towards $56.95 after a successive bullish streak

Aave price analysis
TL;DR Breakdown
  • Aave price analysis shows a bullish trend
  • Support for AAVE/USD is present at $53.47
  • Aave price is facing resistance at $58.89

Today Aave price analysis shows that the coin is following a bullish trend and may target $56.95 as its next support level. Aave is currently changing hands at $56.95. Resistance for AAVE/USD is present at $58.89. The AAVE/USD pair is currently following a bullish trend as the market momentum and price action suggests. The coin has formed higher highs and higher lows, which indicates that the bulls are in control of the market. Aave is currently trading close to its all-time high price and may target $60 as its next resistance level.

image 5
Cryptocurrencies price heat map, Source: Coin360

The trading volume has also increased over the last 24 hours, as it is currently sitting at $146,742,136 which indicates that the bulls are gaining strength. The market cap for the coin is also climbing and is currently sitting at $799,471,174.

Aave price analysis on a 1-day price chart: AAVE/USD faces rejection at $58.89

The 1-day chart for Aave price analysis indicates a bullish trend for the market today, which has been quite unexpected. The price levels have upgraded abruptly, which has provided a push to the bullish price movement. Nonetheless, the increase in price has been surprising as bears were expected to grow in the first place.

The market had been in a descending triangle pattern for some time, from which the breakout happened yesterday. The price surged significantly, and the bulls were able to push the price above the $58 level. However, the buyers could not sustain the pressure, and the price pulled back below $58. Currently, the price is trading at $56.95, and if the bulls can build enough momentum, the price may go higher.

image 7
AAVE/USD 1-day price chart, Source: TradingView

The RSI indicator is currently at 63.84 and is rising, which indicates that the market momentum is gaining strength. The MACD indicator also shows a bullish crossover as the signal line crosses above the MACD line. This further confirms the bullish trend in the market. The MA50 has crossed above the MA200, which is a bullish sign.

AAVE/USD 4-hour chart:Bulls gain control

On the 4-hour chart for Aave price analysis, the market opened at $54.98 and promptly fell to $53.47, where it found support. The market then started an uptrend and reached $58.89, where it faced rejection and pulled back to $56.95, where it is presently trading.

image 6
AAVE/USD 4-hour price chart, Source: TradingView

The volatility has been high over the last few hours as the moving averages have diverged. The price is presently trading above the MA50, indicating that the bulls are in control of the market. The RSI indicator is currently at 58.68 and is slowly rising, which indicates that the bullish momentum may increase. The MACD indicator is at -0.0088 and is rising, which indicates that the market may see a bullish crossover soon.

Aave price analysis conclusion

Aave price analysis concludes that AAVE prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. The market is however in a bearish bias trend as the digital asset is trading just near the immediate support of $53.47.Investors are advised to keep an eye on the $58.89 level, as a breakout above this level would confirm the bullish trend and may lead to further gains in the market.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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