- Aave price analysis is bullish today.
- AAVE/USD saw a strong selloff overnight continue.
- Support found around $170.
Aave price analysis is bullish today as we expect further recovery to follow after a quick rejection of downside at $170 previous June swing low. Therefore, AAVE/USD is likely headed to retest previous support around $225 as resistance.
The market overall has seen strong bearish momentum over the last 24 hours. Bitcoin and Ethereum are down by 13.6 and 9.33 percent, respectively, while the rest of the top altcoins follow with an even bigger loss.
Aave price movement in the last 24 hours: Aave sets strong lower low at $170, reacts higher
AAVE/USD traded in a range of $162.34 – $240.91, indicating strong volatility over the last 24 hours. Trading volume has seen an increase of 244 percent, totaling $600 million, while the total market cap trades around $2.64 billion, ranking the coin in 55th place.
AAVE/USD 4-hour chart: AAVE starts to recover
On the 4-hour chart, we can see the Aave price action starting to recover, quickly moving back above the 190 mark.
Aave price has seen a continuous slow decline over the past weeks, with the previous low at $225 reached at the end of November. This week, we saw AAVE/USD regain some of the loss as it retraced to $270 on Wednesday.
However, together with the overall market crash, AAVE/USD has seen a strong drop lower over the last 24 hours. A quick spike of 30 percent to the downside led to the $170 June major swing low being retested.
From there, reaction higher followed this morning as bears were finally exhausted. The Aave price action has continued to slowly retrace higher since and is expected to do so over the next 24 hours. Likely we will see the previous support at $225 retested as resistance later in the weekend.
Aave Price Analysis: Conclusion
Aave price analysis is bullish today as we expect recovery after a quick rejection of downside around the $170 mark. AAVE/USD has likely ended its downswing and will look to recover some of the loss over the weekend.