Aave price analysis: Bulls seek new support below $63 in extended downtrend

TL;DR Breakdown

  • The Aave price analysis for today points to a bearish market.
  • The price has been pushed down to $63.49.
  • Can bulls locate alternative support to substitute for $64?

Today’s Aave price analysis suggests a persistently bearish scenario. The ongoing circumstances continue to favor the bears, with the price steadily declining. Presently, Aave is valued at $63.49, and there are indications that it may further descend in the near future. Such a development could potentially exacerbate the already significant decline in the cryptocurrency market. Nevertheless, there are discernible signs of support at approximately $62.22, as evidenced by the price rebounding after briefly touching this level earlier today.

AAVE/USD 1-day price chart: Price dips below $64, intensifying challenges for sellers

The 1-day price chart for Aave price analysis indicates a bearish trend, with the price levels continuing to decline. Today, the price has even breached the crucial support level of $64, further intensifying the downward movement. At present, the AAVE/USD price is positioned at $63.49 and is anticipated to venture into a lower range in the near future. It is worth noting that the moving average (MA) value on the price chart is currently observed at $64.65.

AAVE/USD 1-day price chart. Source: TradingView

The bearish trend has remained steady since yesterday, accompanied by relatively mild volatility. The upper and lower Bollinger band values have converged at $68.5 and $60.5, respectively, serving as resistance and support levels. Additionally, the Relative Strength Index (RSI) has declined and currently sits at 39, indicating a lower level of strength in the market.

Aave price analysis: Recent developments and further technical indications

The hourly Aave price analysis indicates negative signals regarding recent trends. At the beginning of today’s session, there was a downward price breakout, but bulls attempted to intervene and provide support to the coin. However, their efforts have not yet recovered the losses, resulting in a significant setback. The current price stands below the previous support level of $64, specifically at $63.50. The moving average for the given price chart is relatively stable, positioned at $63.57.

AAVE/USD 4-hours price chart. Source: TradingView

There have been notable changes in the Bollinger bands values due to increased volatility. Presently, the upper value has risen to $66.2, while the lower value is now at $62.5. Additionally, the RSI score has shown improvement, displaying an upward curve on the 4-hour chart with an index of 43. This suggests ongoing buying activity within the market.

Aave price analysis conclusion

The recent Aave price analysis, spanning 4 hours and 1 day, suggests that the price levels are now entering the lower range observed in the previous week. Additionally, the support level at $64 has been breached, indicating the need for new support below the $63 range if the bearish momentum persists. At present, the AAVE/USD price rests at $63.50, with expectations of further downward movement. This sustained selling pressure may have negative implications for the overall price value. Nevertheless, there are glimpses of potential recovery, as evidenced by the 4-hour chart’s RSI providing indications of improvement.

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.

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.