Analysis

Aave Price Analysis: AAVE gains over 35 percent despite a market selloff

TL;DR Breakdown

Aave price analysis is bearish today.
AAVE/USD gained around 35 percent overnight.
Resistance at $445 is currently tested.

Aave price analysis is bearish today as we saw massive gain overnight, leading to the $445 next major resistance. Therefore, we expect bulls to be exhausted, leading to a retracement later today.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours as we saw heavy selling this morning. The market leaders, Bitcoin and Ethereum, are down by 5.88 and 4.52 percent. Meanwhile, Aave has moved against the overall trend and gained over 30 percent.

Aave price movement in the last 24 hours: Aave spikes to $445 several month high

AAVE/USD traded in a range of $326.84 – $448.05, indicating massive volatility over the last 24 hours. Trading volume has spiked by 459 percent and totals $1.76 billion, while the total market cap trades around $5.71 billion, ranking the coin in 35th place overall.

AAVE/USD 4-hour chart: AAVE starts to retrace?

On the 4-hour chart, we can see rejection for further upside as Aave price action starts to retrace below $420.

AAVE/USD 4-hour chart. Source: TradingView

Aave price action saw a steady advance over the past weeks. After AAVE/USD set several higher highs and lows, a new major swing high was reached at $339 last week.

Retracement to $300 followed, establishing a clear higher low. From there, another move higher followed yesterday, with the $345 resistance reached this time.

After a slight retracement late Yesterday, a strong push high began, leading Aave price action to spike more than 35 percent and setting a strong higher high just below $460. However, currently, bulls are likely exhausted, meaning that we expect to see retracement over the next 24 hours.

Aave Price Analysis: Conclusion

Aave price analysis is bearish today as we expect a retracement to follow after a very strong move higher over the last hours. Therefore, AAVE/USD should see downside tested over the next 24 hours.

While waiting for Aave to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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 any investment decisions.

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