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Bearish market force Aaave into short term downswing to $350

Cryptopolitan


TL: DR Breakown

  • Aave is trading on a dangerous trend with a decline of (-1.3) percent.
  • The total market capitalization for Aave dropped by 1.46 percent to a sum of $4.7 billion.
  • The cryptocurrency heatmap is generally bleeding.

Aave price analysis: General price analysis

Today’s Aave price analysis chart started with bullish pressure. The buyers dominated the market for the first two trading hours, pushing the price of AAVE/USD to an intraday high of $377. Bears came in and outnumbered the bulls, and so causing price resistance. The price of Aave dropped in a descending triangle. After that, the coin traded in head and shoulder trend, recording the intraday low of $354.

Aave price analysis is trading bearishly on the daily chart with long red candlesticks that saw the coin retrace 1.42 percent lower from yesterday’s price. The AAVE/USD pair fell from the $364 support earlier on, and the bears hae continued pulling the price downwards towards the $350 support. 

Source: coin360

The cryptocurrency heatmap is generally bleeding. Most of the cryptocurrencies have recorded slight drops from yesterday’s price. In the early hours, only a few altcoins were in red, but most of the crypto altcoins are in red at the time of writing. What does this mean? Is it going to be a bearish day for cryptocurrencies?

Bitcoin (BTC) is trading slightly below $49K with a (-1.3) percent deviation. Its closest competitor, Ethereum (ETH), is trading at $3.1K, a decline of (-1.5) percent from yesterday’s price. Aave is trading in the same trend with a decline of (-1.3) percent.

Aave price movement in the last 24 hours: AAVE/USD retraces to $372

According to our 24-hour Aave price analysis, AAVE/USD traded within a wide margin of $379 -$354. The wideness indicates high volatility across the daily chart. Meanwhile, the total daily trading volume increased by 13.70 percent to a sum of $254 billion. The total market capitalization for Aave dropped by 1.46 percent to a sum of $4.7 billion. Aave ranks at number #31 overall.

Aave is swinging in a zig-zag motion but the bias is towards the buyers. The orders are certainly prepping Aave for a bullish rally higher.

AAVE/USD 4-hour chart: AAVE prepares for another rally?

Our 4-hour Aave price analysis seems bullish as the price action seems persistent to break out of the $364 rejection. Despite the general price structure seeming bearish, we can expect some gains in the next few hours.

Aave price analysis: Bears force Aave into short-term downswing to $350 2

Source: Tradingview

In the four-hour chart, the MACD line and the red line have been crossing each other severally. At the time of writing, the MACD lines point towards the red line, meaning there is a possibility of the MACD line crossing over the red line signaling a possible bullish momentum.

Only a strong rally will flip the current bearish structure and enable Aave to regain its early August swing high. The coin has already established solid support of around $354, and there is no likelihood of breaking below that support in the short term. 

Aave Price Analysis: Conclusion

Aave Price Analysis is bearishly trading on the 24-hour trading chart after the bulls failed to sustain support at $379. The bears are headed for the $357 main support from where they could exert stronger pullbacks on the price of Aave.

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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