TL;DR Breakdown
- Aave price analysis is bearish today.
- AAVE/USD continued to decline overnight.
- Next support at $260.
Today’s Aave price analysis is bearish due to the $280 support being broken earlier today, following a strong bearish trend over the previous night. As a result, we anticipate AAVE/USD to continue lower later today and test the $260 support next.
With the markets almost certainly facing increased levels of volatility over the next few days due to new money starting to enter crypto, we expect lower lows and support continuing to grow around $260.
The $280 resistance, tested several times overnight, has been broken this morning with an increase in bearish pressure, with AAVE/USD falling further below. This low has not yet been tested this morning, with the $260 support now likely to be tested as resistance before any potential bounce.
Aave price movement in the last 24 hours: Aave breaks $280 support as bearish momentum is still firm on
Technical indicators still have a bearish bias in the short term, but it seems that momentum is beginning to reach a point where bears cannot push prices any lower.
As Aave’s price continues to drop, there are signs on the hourly chart that $280 support has been broken, suggesting that further drops may occur today.
The price outlook for Aave is still bearish, with substantial support now located at $280. Before there’s a possibility of this changing, we’ll need to see a break above resistance at $310.
While the $280 mark is key support for our daily line chart, this barrier has been surpassed according to our long-term line chart.
AAVE/USD 4-hour chart: AAVE to reach back to $280 major low?
On the hourly chart, we can see that the Aave price continues to fall, implying that the $260 mark will be approached next.
If the price breaks $290, it will most likely be tested next at $280, supported by the short-term downside 1.414 Fibonacci Extension level (green line) if the sellers continue to drop even lower than we anticipate them to test first at around $270 before putting significant pressure on the price.
However, the AAVE/USD pair could not go much lower. A minor retracement occurred late last week, followed by a stronger push forward. The market again fell after resistance at $320 was broken once more, ending the day down.
Since the price of Aave has receded gradually over the last days, with the $280 previous support broken in recent hours, overall, we anticipate that AAVE/USD will continue to fall as bearish momentum remains strong.
Aave Price Analysis: Conclusion
Overall, the Aave price has continued to fall against the dollar since yesterday evening, with support at $280 broken following a solid bearish trend over the previous night. As a result, we anticipate AAVE/USD to continue lower later today and test the $260 support next.
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