Aave price analysis: Bears drag AAVE down to $85.33

Aave price analysis

TL;DR Breakdown

  • Aave price analysis shows a downtrend of the token in recent days
  • The bears have brought the AAVE price down to $85.33
  • Support for AAVE/USD is currently at $84.63

Aave price analysis shows a downtrend in the market that has been ongoing for some hours. The bears have taken control and dragged the AAVE price down to $85.33. This is currently the lowest AAVE/USD has been in some time, from a high of over $ 89 last week. The selling pressure seems to be the main force behind this drop in price, with the buyers not able to keep up with the selling pressure.

The previous day the bull managed to keep the price at $88.42, which is now currently acting as the major resistance. Selling pressure has taken the price below this level and it is now struggling to stay above $85.33. Support for AAVE/USD is currently seen at $84.63, where buyers could step in if further selling pressure sets in.

Aave price analysis 4-hour chart: Selling pressure mounts on the chart

The 4-hour Aave price analysis chart shows that the buying pressure has not been able to keep up with the selling pressure, leading to the drop seen in recent days. The bulls have so far failed to break past resistance at $88.42 and this is only increasing bearish momentum. Aave price is currently trading at  $85.33, which is a drop of 6.8% from its opening price of $88.02 today.

image 602
AAVE/USD 4-hour price chart, Source: TradingView

The RSI indicator shows bearish momentum as it heads towards the oversold region, while the MACD is in bearish territory and continuing to move southward. The 4-hour chart also shows that bearish pressure will continue to push the price lower unless buyers step in and take control. The moving average indicator is also heading downward with the 50-MA line now below the 200-MA line.

Aave price analysis 1-day price chart: AAVE/USD is currently down at $85.33

On the 1-day Aave price analysis chart, we can see that AAVE/USD is currently ranging between $84.63 and $88.42 with no clear breakout just yet. The buyers have so far failed to break past resistance at $88.42, while the sellers have taken complete control of the bearish momentum, dragging the price to $85.33. The 24-hour trading volume is also decreasing, showing that the market has fallen into a period of low volatility. At the time of writing trading volume stands at $97 million. While the market cap stands at $1.27 billion.

image 603
AAVE/USD 1-day price chart, Source: TradingView

The moving average indicator also continues to point downwards, suggesting that the bears could remain in control for some time still. Currently, MA is at $85.65, with the 50-day Moving average and 200-day Moving Average both below this line. The RSI is currently at 73.18, indicating that there is room for further downside in AAVE/USD. The selling pressure increases with MACD also trading in the bearish territory with the signal line moving below the MACD line.

Aave price analysis conclusion

Overall, Aave price analysis shows that the token has been moving downwards in recent days due to strong selling pressure. This could be a sign of further downside if buyers do not step in and take control soon. Support is currently seen at $84.63 but this could change if further selling momentum sets in.

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.
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.

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