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Aave Price Analysis: AAVE rejects upside at $280, more downside to follow?

Aave Price Analysis: AAVE rejects upside at $280, more downside to follow? 1


TL;DR Breakdown

  • Aave price analysis is bearish today.
  • AAVE/USD is rejecting upside around $275.
  • Closest support at $255.

Aave price analysis is bearish today as we currently see upside rejected after a rally this morning. Therefore, AAVE/USD will likely set another lower high before continuing to move lower later today.

Cryptocurrency heat map. Source: Coin360

The overall market has continued to trade in a bearish momentum over the last 24 hours. Bitcoin lost 2 percent, while Ethereum 1.02 percent. Meanwhile, Crypto.com Coin (CRO) is still the top performer, with a gain of 12 percent.

Aave price movement in the last 24 hours: Aave rallies higher, fails to reach previous high

AAVE/USD traded in a range of $257.51 – $277.45, indicating strong volatility over the last 24 hours. Trading volume has increased by 70.92 percent, totaling $367.5 million, while the total market cap trades around $3.67 billion, ranking the coin in 51st place overall.

AAVE/USD 4-hour chart: AAVE to move lower again?

On the 4-hour chart, we can see the Aave price action currently rejecting further upside, likely leading to another move lower later today.

Aave Price Analysis: AAVE rejects upside at $280, more downside to follow?
AAVE/USD 4-hour chart. Source: TradingView

Aave price action has continued to decline over the past week. From the previous major swing high around $345 set on the 9th of November, AAVE/USD has declined by over 25 percent to the current low at $255.

After a slightly higher low was set above $255 yesterday, the market saw bullish momentum return, leading AAVE/USD higher overnight. However, after a rally overnight, bulls failed to reach the previous local swing high at $280.

Over the past hours, rejection for further upside can be seen around $275, likely meaning that another lower high has been set. From there, we expect the Aave price action to move lower again and likely break below the $255 support.

Aave Price Analysis: Conclusion 

Aave price analysis is bearish today as we expect a reversal to follow over the next hours, leading back to the downside. Therefore, AAVE/USD should head to test the previous low at $255 next.

While waiting for Aave to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.



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