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- Aave price analysis is bearish today.
- AAVE/USD is currently trading at $260.
- Closest support at $255.
Today’s Aave price analysis is bearish since we’ve just seen an upside bid rejected after a rise this morning. As a result, before continuing to fall later today, AAVE/USD will most likely establish another lower high.
If the bulls have success pushing higher today, then we should look for a test of support around $255. I think that if this is broken, it will likely lead to a new lower low going into the weekend. However, in order to do this though, the bears need to make sure they can keep prices below $275 for most of the day.
Today’s Aave price analysis is bearish since we’ve just seen an upside bid rejected after a rise this morning. As a result, before continuing to fall later today, AAVE/USD will most likely establish another lower high. If the bulls have success pushing higher today, then we should look for a test of support around $255. I think that if this is broken, it will likely lead to a new lower low going into the weekend. However, in order to do this though, the bears need to make sure they can keep prices below $275 for most of the day.
AAVE/USD 4-hour chart: AAVE to move lower again?
On the four-hour chart, we can see that the Aave price is currently resisting further upward momentum, which may indicate a forthcoming decline later today.
Aave price action has continued to deteriorate over the past week. From the 9th of November’s previous major swing high of $345, AAVE/USD has tumbled by almost 25% to its present low of $255.
The market rallied significantly overnight, as a slightly higher low was established above $255 yesterday. After a morning surge, bulls were unable to reach the prior day’s local swing high of $280.
Over the previous hours, we’ve seen resistance for further gains around $275, which implies that another low has been made. Following that, we expect the Aave price to descend yet again and possibly break below the $255 support.
Aave Price Analysis: Conclusion
The bearish trend of Aave’s price analysis is continuing today, as we anticipate a reversal to come in the next hours, bringing us back to the downside. As a result, the AAVE/USD pair should resume testing the low established on January 18 at $255.
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