Aave price analysis: AAVE/USD gains bullish momentum at $104.97

Aave price analysis shows the bulls have set a firm uptrend as prices spike by 5.50 percent in the last 24 hours. The resistance for AAVE prices is at $ 105.00 while strong support is at the $99.18 level. Aave has had a trading volume of $152,554,941 and a market cap of $1,469,958,552 in the last 24 hours. AAVE currently dominates the cryptocurrency market and has a market dominance of 1.37 percent.

The bulls were able to push the prices from a low of $100 to a high of $104 level in a matter of hours. The market then corrected lower as the prices found support at the $99.18 level. The bulls have since regained control and are pushing the prices higher. The next level of resistance is seen at the $105.00 level and breaking above this level could see prices move higher toward the $107 level.

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AAVE/USD 1-day price chart: uptrend causes price rise up to $104.97

The market for Aave price analysis has seen some consolidation in the past week as prices have been fluctuating between the $95 and $100 levels. The current price surge has taken the prices to the upper limit of the consolidation range and a further move up may take place in the near term as the price is currently trading at the $104.97 mark.

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AAVE/USD 1-day price chart, source: Tradingview

The 1-day technical indicator for the Aave market shows an uptrend as the MACD line is trading above the signal line. The RSI indicator is currently trading at 60.92 and shows no signs of overbought or oversold conditions. The 50-day simple moving average is providing support for the market at the $99.18 level while the 200-day simple moving average is providing resistance for the market at the $105 level.

AAVE/USD on a 4-hour price chart: Recent developments

Aave price analysis on the 4-hour chart, AAVE/USD is seen trading inside an ascending parallel channel as prices corrected lower after hitting the upper limit of the channel. The current move can be considered a retracement as the prices are still trading inside the bullish channel.

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AAVE/USD 4-hour price chart, source: Tradinview

The RSI curve is currently trading at 48.65 and is not providing any clear indication as to the direction of the market. The MACD indicator is also trading close to the zero line which shows that there is no clear trend in the market at the moment. The 50-day SMA and the 200-day SMA are moving close to each other which is a sign of further consolidation in the market.

Aave price analysis conclusion

Aave price analysis shows that AAVE’s price is expected to continue its upward move as the bulls remain in control of the market. The next target for the bulls is seen at $105 and a further move above this level may take prices towards the $107 level. However, if the prices are correct lower from the current levels, strong support is seen at $99.18 and a further move below this level may take prices towards the $95 level.

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 investment decisions.

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