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Aave price analysis: AAVE/USD dips to lows of $74.08 as a firm bearish momentum builds

Aave price analysis

Aave price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bears were in the winning position, a downtrend has been following the price since the start of today. The general feeling in the market is still bearish as Aave drops to $74.08 at the time of writing. The AAVE/USD is down by 2.17 percent at the time of writing and the market cap is at $1.04 billion. The 24-hour trading volume is recorded as $71 million.

AAVE/USD 1-day price chart: Aave price is facing rejection at $76.35

The one-day Aave price analysis is showing a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The price has been lowered to the $74.08 level after the latest drop. 

image 134
AAVE/USD daily chart, source: TradingView

The Relative Strength Index is near the oversold region, showing that the bears are in control as the sell-off continues. The moving average (MA) is trading at $75.96, and the bearish crossover is still active as the 50-day MA crosses below the 200-day MA. The Bollinger bands have widened, as the cryptocurrency plummets, and the volatility has increased in the market.

AAVE/USD 4-hour price analysis: Latest developments

The 4-hour Aave price analysis confirms the downtrend as the price has been trading below the $74 level for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $76.35, which is a sign of weakness.

image 132
AAVE/USD 4-hour chart, source: TradingView

The RSI indicator is currently at 38.62 and is heading toward the oversold region, which is a sign that the sell-off might continue in the market. The market is currently trading below the Moving average, which is a sign that the bears are in control. The upper Bollinger bands have been breached, and it is currently at $76.35, and the lower limit is at $73.75.

Aave price analysis conclusion

The Aave price analysis suggests that AAVE performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 24 hours. However, if the rejection present at $76.35 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then AAVE may step down into the $73.75 range.

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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