Aave price analysis: AAVE price overtops $168 as bulls fight back

TL;DR Breakdown

• The Aave price analysis is bullish today.
• Strong resistance is present at $171.9.
• Support for AAVE is present at $163.4.

The AAVE price analysis is bullish for today, as an increase in price up to $168 has been observed. The bulls have been successful in crafting a slight upwards trend line for the price function during the last few days, and the trend is the same for today as well. Although the price touched $171.8 height earlier today, due to the strong resistance present at this level, the price function reverted back, and the AAVE/USD price has fallen to $168 recently. However, the coin is still on the greener side if observed over the day.

AAVE/USD 1-day price chart: Bulls successful in crafting a short-term upwards trend

The 1-day AAVE price analysis shows an increase in price for today as well as the coin is trading at $168 at the time of writing; AAVE overall traded in a range of $164 to $173 today. AAVE/USD pair shows an increase in value by 3.27 percent over the last 24 hours and reports a profit of 9.16 percent over the past week as the overall trend has been slightly upwards. The trading volume has increased by more than 13 percent, and the market cap has increased by 3.23 percent overnight.

The volatility is high, but now the Bollinger bands are converging, hinting at a decrease in volatility in the future. The upper limit of the Bollinger bands is present at the $220 mark representing resistance for AAVE to overcome if the bullish momentum continues, while the lower band is present at the $114.9 level representing support for AAVE, and the mean average of the indicator is present at the $167 mark below the price level.

The price also traveled above the moving average (MA) yesterday, which is present at the 157 mark, and the relative strength index (RSI) is present at index 45, trading almost at a straight curve hinting at a slow down in the buying activity in the market.

Aave price analysis: Recent developments and further technical indications

The 4-hour AAVE price analysis shows that the price breakout was upwards at the start of today’s session following the bullish lead. Overall the trend remained upwards for 36 hours continuously until the coin met strong resistance at $171.8, and selling pressure appeared. The price has been recorded covering range downwards during the last four hours.

The volatility has been increasing on the 4-hour chart also as the Bollinger bands are expanding, the upper band is present at the $174 mark, representing resistance for AAVE, and the lower band is present at $142 representing support for AAVE. The MA is present at the $166 mark, and the RSI is present at index 60, but the downwards curve of the RSI is hinting at selling activity which took over the market just now after the bullish exhaustion.

Aave price analysis conclusion

The AAVE price analysis shows that the coin has recovered significantly during the past few days, and the most improvement was observed yesterday when bulls marched aggressively. As mentioned, there are signs of bullish exhaustion, as the 4-hour RSI also indicates, and currently, the coin is correcting below $170. We expect AAVE/USD to re-attempt the $171.9 resistance again after the correction lasts later today.

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