logo

Aave price analysis: Price up again as bullish momentum extends to $62.79

Aave price analysis

TL;DR Breakdown

  • Bulls are at the lead according to Aave price analysis
  • The price has moved up to the $62.79 level today
  • Support is evidently strong at the $58.41 level

Aave price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the trading session. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed AAVE as one of the early recoverers from today’s market crash. The market crashed at the start of the week, but now the price has leveled up to $62.79 due to the recent bullish shift. Although the bears were overpowering the market last week, currently, the situation is going in favor of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum strengthens.

AAVE/USD 1-day price chart: AAVE recovers after dipping low

The one-day Aave price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $63.46 resistance in the past few hours. More profit seems to be on its way for Aave buyers as the price just reached the $62.79 high, gaining more than 6.98 percent value. Further chances of revival seem close as the buyers persistently put in efforts. Moreover, the daily price chart’s moving average (MA) value is at $61.71.

image 274
AAVE/USD 1-day price chart, Source: TradingView

The Bollinger bands are converging sharply, showing a decrease in volatility, but the low and high swings of today’s price action might push the indicator to diverge again. Meanwhile, the upper Bollinger band shows a $63.46 value, representing the strongest resistance, whereas the lower Bollinger band displays a $58.41 value, representing the strongest support. The Bollinger Bands average is standing at the $47.37 mark at present. Lastly, the Relative Strength Index (RSI) score just reached index 50 due to the recent upturn in price.

Aave price analysis: Bulls remain incapable of transgressing the $62.79 boundary

The hourly Aave price analysis is in favor of the bulls as well, as the coin, after dipping down to $62.79, has rallied toward $63.46. All the recovery has been made during the last two- days as the bulls have made a successful return and have helped AAVE be the highest gainer among the top 100 Cryptocurrencies. This is rather encouraging news for the buyers, as the bears were progressing swiftly in the earlier hours. Furthermore, if we discuss the Moving Average value as present in the four-hour price chart, it is standing at $61.16.

image 273
AAVE/USD 4-hour price chart, Source: TradingView

A crossover between SMA 20 curve and the SMA 50 curve is also expected in the coming hours. Moving on, the Bollinger bands are expanded on the 4-hour chart. The upper value of the Bollinger bands indicator settles at $63.16, whereas its lower value is set at $58.17. The price has rallied from below the bottom of the Bollinger bands toward the upper limit of the indicator. The RSI score has also come quite high because of the bullish wave and is present at index 43.55 due to the strong buying momentum, but now the curve is settling horizontally, hinting at a slowdown in the buying activity.

Aave price analysis conclusion

The bulls are making a comeback once again according to the 1-day and 4-hour Aave price analysis. The price is on the rise and has currently settled down at the $62.79 level. It is expected that the AAVE price will increase even more in the coming hours, as bullish momentum is getting stronger.

DisclaimerThe 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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Ethereum price analysis: ETH price slumps to $1,630 as market conditions turn bearish
FCA warns U.K. crypto companies to expect new restrictions on financial promotions
How to Use An API Key to Connect to a Crypto Exchange
Weekly crypto price analysis 06th FEB: BTC, ETH, XRP, BNB, ADA, DOGE
Explained: What are Cryptocurrency ETFs?

Follow Us

Industry News

FCA warns U.K. crypto companies to expect new restrictions on financial promotions
Weekly crypto price analysis 06th FEB: BTC, ETH, XRP, BNB, ADA, DOGE
JP Morgan forecasts AI's future role in crypto trading
Is London the next home of crypto?
FTX scrambles to recover controversial political contributions

Add Your Heading Text Here