Aave extends recovery towards $297 despite mounting selling pressure

TL;DR Breakdown

  • The Aave price analysis is in a bearish trend today.
  • The price of Aave/USD lost more ground during the night.
  • We’re extending the range at $200 with another new low of $260.

The Aave price is bearish today, as the $280 support was broken early this morning after a strong bearish trend was maintained overnight. As a result, we anticipate a continued decline in AAVE/USD later today and next week, with a target of $260.

Aave price analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained  3.45 percent, while Ethereum gained 3.78 percent. Meanwhile, Binance Coin (BNB) was the top performer, with a gain of more than 15 percent.

Aave price movement in the last 24 hours: Aave tests $297

Over the last 24 hours, TUSD/USD has ranged between $273.16 and $298.60, indicating significant volatility over that period of time. Volatility measures have shown a slight increase, with 5.32 percent more trading volume and a market capitalization of around $3.62 billion (ranked 44th overall).

AAVE/USD 4-hour chart: AAVE to reach back to $280 major low?

On the 4-hour Aave price analysis chart, we can observe that the price action for Aave is continuing to fall, indicating that the $260 mark will be tested next.

Aave Price Analysis: Aave extends recovery towards $297 despite mounting selling pressure 1AAVE/USD 4-hour chart. Source: TradingView

The price of Aave has struggled to rise any further in October. After a rapid advance to $320 at the start of the month, a somewhat higher high was established.

The move higher and then the halt that follows it suggests that the price of AAVE/USD is likely to be significant. However, there was no further rally possible after this. The market fell once again after overcoming resistance at $320, which had previously thwarted progress.

Since then, the Aave price action has retraced slowly. The $280 previous support was broken over the last several hours, with the stock price retreating further. We anticipate that AAVE/USD will continue to fall as bearish momentum continues to be strong.

Aave Price Analysis: Conclusion 

The technical indicators are indicating that the price of Aave is bearish today, with more downside expected following a powerful drop in the last 24 hours. As a result, we anticipate AAVE/USD to attempt the $260 support next.

While waiting for Aave to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. 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.

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