Aave price analysis reveals that the price has been downward since yesterday, as the bears have successfully taken the lead. Today’s downturn was also apparent, with the price dropping to $82.62 as the bears recovered their power. The overall coin value has been damaged by this, as recovery prospects have been delayed. It is anticipated that further depreciation will follow in the next hours.
The market has been facing rejection at the $86.71 level since then and has found support at $80.47, as prices continue to fluctuate between these two levels. The bears are currently in control of the market, and a further price drop is expected in the near term. The cryptocurrency has a market trading volume of $140,570,404 with a market capitalization of $1,155,588,855. The digital asset is ranked in the 23rd position on the CoinMarketCap list.
AAVE/USD 1-day price chart: Bears are in control as Aave prices fail to breakout
Aave price analysis over the past 24 hours has been bearish as prices have continually fallen. The market opened at $86.71 and fell to a low of $82.62, as the bears took control. The market has been volatile since then, but the overall trend has been downwards. The market is currently trading at $84.31, which is below the opening price.
The 20-day exponential moving average (EMA) is presently at $84.68 and the 50-day simple moving average (SMA) is at $88.21. The Relative Strength Index (RSI) is currently at 53.62, which indicates that the market is neither overbought nor oversold. The MACD line is currently above the signal line, which indicates that the market is in bearish territory.
AAVE/USD four-hour price analysis chart: Recent developments and further technical indications
Aave price analysis shows that AAVE prices are currently trading at $82.62 after a significant loss in value over the past day. The market is volatile, with bears and bulls fighting for control, leading to large swings in price. So far, the bears have been more successful as they push the price lower.
This downward trend is expected to continue as the MACD line is at 0.0038, which is well above the signal line. The RSI is currently at 53.62, which indicates that there is still some room for prices to fall before the market becomes oversold. The 20-day EMA and the 50-day SMA are both presents at $84.68 and $88.21 respectively, which indicates that the market is bearish in the short term.
Aave price analysis conclusion
The price experienced a drop today as it has been confirmed from the one-day and four hours Aave price analysis. Although the market is currently in a bearish trend, it is possible for the bulls to take back control and push prices higher. However, this is unlikely to happen in the near term as the market indicators all suggest further downside potential.
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