Aave price analysis shows that the price is currently in a bullish trend as it has broken out of the descending triangle formation. The next level of resistance is at $83.36, and if the price can sustain its current momentum, it is likely to test this level in the near future. However, if the price starts to retrace from its current levels, support will likely be at $84. Overall, the bias is currently bullish for AAVE/USD.
The digital asset has recently been on a tear as it surged from $80.89 to $83 levels in the past few days. The bulls have been in control of the market and are currently looking to push the price higher. However, the bears are also starting to show some signs of life and are looking to take control of the market.
Aave price analysis on a 1-day price chart: Bulls continue to push prices higher
The Daily chart for Aave reveals that the market has been on a strong uptrend for the last 24 hours. The market hit a high of $83.36 earlier today before facing some selling pressure that pushed the price down to its current level. The bulls have managed to push the price back up above the $83 level, with the market now trading close to its all-time high of $82.58.
The Bollinger’s band’s upper limit is $83.36, which is the strongest resistance for AAVE. Conversely, the lower limit of Bollinger’s band is $80.77, another AAVE’s strongest support point. The AAVE/USD price appears to be moving above the price of the Moving Average, signifying a bullish movement. The RSI is at 68.43 and is currently neutral.
Aave price analysis on a 4-hour chart: Recent development and further technical indications
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.
Aave price analysis reveals that the Relative Strength Index (RSI) is currently at 58.24 on the 4-hour price chart showing clearly that the digital asset is in a retracement. The Moving average indicator also reveals that the 50-period moving average is holding above the 100-period moving average, signaling a bullish trend in the market. The Bollinger bands are seen narrowing, which signals that the market is about to see a breakout.
Aave price analysis conclusion
To, Conclude, Aave price analysis is up today as the bull’s management pushed the market higher in spite of some selling pressure at higher levels. The market is looking to retest the $83.36 resistance level in the near term, but the bulls will need to gather more strength in order to break above this level.
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