AAVE sets higher low at $182, after facing a bearish weekend

Aave Price Analysis: AAVE sets higher low at $182, after facing a bearish weekend 1

TL;DR Breakdown

  • Aave price analysis is bullish today.
  • AAVE/USD saw a strong selloff overnight continue.
  • Support found around $180

The continuing uptrend on Aave is encouraged by a strong bearish price movement in the cryptocurrency market, which may be expected to produce further recovery after a quick rejection of downside at $170 previous June swing low. As a result, AAVE/USD is likely to revisit previous support around $225 as resistance.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has posted mixed results over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, gained flat rates of 0.26 and 0.43 percent, respectively, while the rest of the top altcoins have lost.

Aave price movement in the last 24 hours: Aave sets strong higher low at $182

AAVE/USD has fluctuated between $182.34 and $191.91 in the past 24 hours, indicating considerable volatility. Volume has increased by 244 percent to $600 million to account for a market value of about $2.64 billion, placing the coin in 55th place amongst its peers.

AAVE/USD 4-hour chart: AAVE starts to recover

On the 4-hour chart, we can observe that the Aave price is recovering, swiftly returning above the 190 mark.

Aave price analysis
AAVE/USD 4-hour chart. Source: TradingView

The price of Aave has been gradually declining over the last weeks, with the previous low set at $225 in late November. This week, after dropping to $270 on Wednesday, AAVE/USD began a gradual rise back up through $280 on Thursday.

However, AAVE/USD has seen a significant decline over the last 24 hours, in conjunction with the overall market downturn. The $170 June major swing low was revisited after a fast rise of 30 percent to the downside.

Following the large price surge on Friday, traders were encouraged by a reaction lower that allowed them to reclaim lost ground. Since then, the Aave price action has remained sideways and is expected to continue doing so over the next 24 hours. The previous support level at $225 will most likely be tested again later in the weekend, when resistance will arise.

Aave Price Analysis: Conclusion 

Today’s price analysis is bearish, with a potential comeback after a severe rejection of downside around $170. We believe that the AAVE/USD pair has completed its decline and will attempt to regain some of its losses during the weekend.

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. 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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