Today’s price Analysis shows that prices are on the general downward trend seen since yesterday’s market rally. A 5.50% drop in price saw AAVE drop from intraday highs of $58.15 to $54.94. The downtrend is likely to continue in the short term as AAVE price is trading near the lower end of the descending channel.
AAVE price support is at $53.34 and below this level, AAVE could plunge towards $53.20. A move above $58.15 is needed for the bulls to dominate the market. AAVE has a market capitalization of $774 million and a 24-hour trading volume of $55 million.
AAVE/USD 1-day price chart: price drops to $54.94
24hours price The analysis predicts a downward trend in the market as intraday sales momentum remains high. The bears have successfully dealt with the unfavorable situation as we haven’t seen any significant bullish moves. The price is currently at $54.94 and will devalue further if selling activity picks up further.
Technical indicators point to a continuation of the bearish trend as the RSI indicator has broken below the 45.13 level and is headed for oversold conditions. The drop from the highs has taken the AAVE price below the key support level of $53.34 and also below the 20-day moving average (MA) of $59.76. The 20-day moving averages (MA) and 50-day moving averages are trending down, indicating that the bears are dominating the market. The Bollinger Bands are also widening, indicating high market volatility.
Aave price action on the 4-hour chart: bearish trendline remains intact
The 4-hour Aave price analysis shows a descending channel as the price is trading within the descending channel. If the price breaks below $54.94, the downtrend will continue until the current price near $53.34 may fall. A descending channel is a bearish pattern that has formed as price action has broken below the highs and lows over the past few hours.
Aave’s price analysis shows that market volatility has increased rapidly, making AAVE’s price volatile. The upper limit of the Bollinger Bands is set at $58.15, which is the resistance barrier. The lower limit of the Bollinger Bands is set at $53.34. This does not provide support, but acts as another barrier to downward movement. A bearish trend is indicated by the AAVE/USD exchange rate crossing below the moving averages. The bears are currently dominating the market, but uncertainty has risen significantly, suggesting the trend could change at any moment.
Aave’s price research has a Relative Strength Index (RSI) of 35.58, indicating that AAVE/USD is neither overvalued nor undervalued. The RSI can be used to indicate an improvement in the market trend and the potential for recovery after an uptrend in which the market trend is rising.
Aave price analysis conclusion
From Aave’s price analysis, we can infer that the bears have regained control of the market. If this continues, Aave could experience a more pronounced decline than ever before. Aave has seen a rocky bearish move with big swings in recent days, suggesting the bulls need to step up their game if they want to pick up momentum and push his AAVE price higher. increase. The bears still have the upper hand, but the trend could change based on all the market data.