Aave price analysis: Bullish swing results in price climbing above $79.15

Aave price analysis

The latest Aave price analysis confirms that a bullish trend has been dominating the charts for the past few days. A rise in price has been observed in the last 24 hours as well, which is quite encouraging for the buyers. The price has been uplifted to the $79.15 level, as the bulls have been successfully maintaining the upwards trend line. 

The resistance for AAVE prices is present at $ 80.27, while strong support is seen at the $80.27 level. Aave has had a trading volume of $89,332,650 and a market cap of $1,116,031,500 in the last 24 hours. AAVE currently dominates the cryptocurrency market and has a market dominance of 2.37 percent.

AAVE/USD 1-day price chart: uptrend causes price rise up to $79.15

The market for Aave price analysis has seen some consolidation in the past week as prices have been fluctuating between the $75 and $80 levels. The current price surge has taken the prices to the upper limit of the consolidation range, and a further move-up may take place in the near term as the price is currently trading at the $79.15 mark.

image 62
Source: TradingView

The 1-day technical indicator for the Aave market shows an uptrend as the MACD line is trading above the signal line. The RSI indicator is currently trading at 44.00 and is showing no signs of overbought or oversold conditions. The 50-day simple moving average provides support for the market at the $76.13 level, while the 200-day simple moving average provides resistance for the market at the $80.27 level.

Aave price analysis on a 4-hour price chart: Bulls in control of the market

Aave price analysis on the 4-hour chart, AAVE/USD is seen trading inside an ascending parallel channel as prices corrected lower after hitting the upper limit of the channel. The current move can be considered a retracement, as the prices are still trading inside the bullish channel.

image 63
Source: TradingView

The RSI curve is currently trading at 61.50 and is not providing any clear indication as to the direction of the market. The MACD indicator is also trading close to the zero line, which shows that there is no clear trend in the market at the moment. The 50-day SMA and the 200-day SMA are moving close to each other, which is a sign of further consolidation in the market.

Aave price analysis conclusion

To conclude, the Aave price analysis shows that AAVE’s price is expected to continue its upward move as the bulls remain in control of the market. The next target for the bulls is seen at $80.27, and a further move above this level may take prices toward the $81 level. However, if the prices are correct lower from the current levels, strong support is seen at $76.13, and a further move below this level may take prices toward the $76 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.
Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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