Aave price analysis shows the bearish trend in the short-term with prices currently sitting at $70.95, down from a daily high of $73.24. The bearish pressure has been mounting in recent days as selling pressure has outweighed buying pressure. The bullish outlook of Aave had been present since the beginning of April but has recently taken a hit as bears have temporarily regained control.
Most cryptocurrencies today are trading lower against the US dollar, and Aave is not an exception. The top coins, Ethereum and Bitcoin are down by 1.75 percent and 2.31 percent, respectively, in the past 24 hours. The red candlestick formation indicates that the bearish trend is more likely to continue in the short term.
Aave price analysis daily chart: AAVE /USD faces rejection near $73.24
The Aave price analysis daily chart shows that the coin is facing rejection near the $ 73.24 level as bearish pressure continues to increase. The price has been in a range between $70.71 and $73.24 for some time now, but it could not break above this level so far and hence the rejection. The AAVE/USD pair reports a decrease in value by 6.70 percent during the last 24 hours, and it is currently trading at $70.95.
The daily moving average indicator suggests that the price is likely to remain bearish in the near term. The MACD shows a bearish crossover and the RSI (Relative Strength Index) is below 40, indicating an oversold market condition. The Bollinger bands also show that the selling pressure is picking up speed and can push the price lower in the coming days. The upper and lower bands are currently at $85.26 and $70.76, respectively.
Aave price analysis: Bearish pressure at $70.71 as AAVE /USD price fall
The 4-hour Aave price analysis shows the selling pressure kicked in at the start of the trading session, and the price declined to $70.71 during the first four hours. The bearish and bullish pressure is currently balanced near this support level, and the price could either break up or down from here. The market has made low volatility moves since then and is currently trading sideways.
The moving averages indicate that the short-term trend is bearish with the 20 MA (Moving Average) below the 50 MA. The MACD shows a bearish crossover and is on its way to entering negative territory, suggesting further downside potential in the near term. The RSI is currently around the oversold region and could give a clear signal when it reaches below the 30 levels. The Bollinger bands are also contracting, indicating a consolidation phase.
Aave price analysis conclusion
Overall, Aave price analysis reveals bearish momentum in short-term trading sessions with prices testing near the $70.71 support level. It appears that the downside pressure could further increase if the bears manage to break this level and drive prices lower in the coming days. The technical indicators also confirm the bearish outlook, but the market could reverse if it manages to break above the resistance at $73.24 in the near term.
