Aave price analysis reveals a strong bearish trend, as a steady decrease in price has been detected today. The most recent technical analysis shows that the cryptocurrency is covering the range downwards at a fast pace as coin value is decreasing against the buyers’ will. The past few hours have observed a continuous degradation in the price of cryptocurrency’s value, as the price function is under the strong bearish influence, due to which the price has reached down to $153.6 level and is going to retest the $145.7 support zone soon.
AAVE/USD 1-day price chart: Aave loses eight percent value in just a few hours
The 1-day price chart for Aave price analysis is going in a bearish direction for the day, as the price has crashed lower than expected. There has been a massive rise in the bearish momentum, and the price levels are going down, which has resulted in the price reaching $153.6 of value. The coin has lost more than eight percent value during the last 24 hours and has lost more than 12 percent value over the past week, which validates the strong bearish pressure weighing on the price function. The moving average (MA) has also taken a sharp downturn and has come down to the $154.3 level.
AAVE/USD 1-day price chart. Source: TradingView
The volatility was on a decreasing pattern till 25 April 2022, and now the volatility indicator has formed a narrow tunnel shape, which hints at the price oscillations to be less in the coming days. Meanwhile, the Bollinger bands show their upper value at $186.4, and the lower value is at $154.3. The price has currently settled below the lower band, which is a strong bearish indication. The Relative Strength Index (RSI) score has also decreased to an index of 41 after today’s downtrend; the curve of the RSI indicator is steeply downwards due to the selling activity in the market.
Aave price analysis: Recent developments and further technical analysis
The 4-hours Aave price analysis shows a steep deficit in the price levels as the bears have regained their strength. The price has stepped down to $153.7, which is surprising for the buyers, but the coin was under bearish pressure from the start of the day; however, most of the loss incurred during the last 12 hours when bears plunged the price levels exceedingly low.
AAVE/USD 4-hours price chart. Source: TradingView
The moving average (MA) value of $163.4 is below the Bollinger bands mean average line, which is forming at the $165.7, as the bears have taken the price far below the lower limit of the volatility indicator, and the Bollinger bands have started to show the signs of divergence, with the upper band at the $177.4 mark, and the lower band at the $154.08 mark. The RSI score has also decreased up to index 34, and the curve is still pointing downwards as the selling pressure continues to suppress the price levels.
Aave price analysis conclusion
The 1-day and 4-hours Aave price analysis is dictating that the bears are controlling the market, and they have decreased the price levels to the month’s lowest level after 17 March 2022. Further decrease in cryptocurrency’s price can also be expected as the support is still further low at $145.7, and the price levels continue to sink at the moment.
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Source: https://www.cryptopolitan.com/aave-price-analysis-2022-05-07/