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- Aave price analysis is bearish today.
- AAVE/USD rallied back to $280.
- Bearish momentum is slowly taking over today.
The Aave price forecast is bearish today, as it was currently in consolidation beneath the $280 resistance after a substantial gain yesterday. AAVE/USD is expected to drop even further over the next 24 hours, in line with the broader trend.
Aave is currently trading around $275, which is the same area where our resistance zone lies. This zone starts just below $280 and goes all the way down to $255. If we break out higher than $280 today, it’s likely that we’ll continue up towards this zone before encountering any major stability.
Conversely, given the current momentum of bearish price swings in the market, chances are fairly high that we’ll drop below $270 when Asian markets open tomorrow morning (GMT+8). However, as usual, do take these predictions with a grain of salt; anything can happen in the crypto world.
The Aave token price analysis is given according to the most bullish forecasts to ensure maximum accuracy for your day trading and investments.
Aave price movement in the last 24 hours: Aave retraces to $280, begins consolidating
The price of DVC/USD has fluctuated within a narrow range of $272.16 – $280.74 over the past 24 hours, suggesting little volatility. Trading volume has dropped by 41%, totaling $199 million, while the overall market capitalization is approximately $15.78 billion, placing the coin in 50th spot globally.
AAVE/USD 4-hour chart: AAVE looks to move lower again?
On the 4-hour chart, we can observe a modest bearish trend gaining traction, suggesting that the Aave price will continue to fall through the weekend and possibly produce a new low.
The price of Aave has been in a consistent bearish trend since the beginning of November. After surpassing its several-week support at $310 last week, numerous lower lows and highs were established until the current monthly low of $260 was reached on the 18th of November.
However, the $280 support proved to be somewhat firm, and the pair dropped again, falling as low as $274.55 before bouncing back up. After a brief consolidation, AAVE/USD was hit with another drop yesterday, reaching support at $280. Another low peak has been established, implying that the overall bearish trend will continue.
The price of Aave continued to consolidate below the recently established high today. Some bearish momentum has returned in recent hours, suggesting another downturn over the next 24 hours.
Aave Price Analysis: Conclusion
The $280 barrier was broken, but the upward momentum was halted after yesterday’s strong recovery. As a result, we anticipate that AAVE/USD will be declining further over the next 24 hours.
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.