Aave prices are currently bearish as the market slides below $82.85. This comes after a period of consolidation around this price level. The bears now seem to be in control as they push AAVE/USD prices toward support at $82.07. The Aave market has been in a consolidation phase over the last few days as it trades between $82.00 and $88.00 levels. The digital asset is currently trading at $82.85 and is down by over 5.94% on the day. The market cap for AAVE is currently at $1.17 billion, and the 24-hour trading volume stands at $113 million.
Aave price analysis on a 1-day price chart: Bears take control as AAVE/USD breaches key support at $82.07
The daily price chart for Aave price analysis confirms a strong bearish trend for the market today, as the price covered a downward movement in the past 24 hours. The market is currently trading very close to the key support level at $82.07, and any further movement to the downside could see the price retesting the lows of the $81.00 level as bulls attempt to defend this level. The current market conditions for AAVE/USD seem to be bearish in the short term, but a breakout from the current consolidation range could see the market make a move toward $88.56 in the near future.
The MACD indicator is currently in the bearish zone as the signal line moves above the candlesticks. The RSI indicator for AAVE/USD is currently at 53.52 and is heading towards oversold levels, which could see bulls make a comeback soon. The upper Bollinger Band is currently at $88.24, and the lower Bollinger Band is at $83.75. The AAVE/USD price is currently very close to the lower Bollinger Band which could see a rebound in prices soon.
AAVE/USD 4-hour price chart: Price action is expected to remain bearish
The 4-hour price chart for Aave price analysis shows that the market has been in a bearish trend since the beginning of today. The market had attempted to make a move toward $88.56 but was unable to sustain this level and fell back below $82.35. The current price action is expected to remain bearish as the market heads toward the key support level of $82.07.
The market is expected to remain bearish in the short term as the MACD indicator is moving below the signal line, which is a bearish sign. The Relative Strength Index indicator On the daily chart is currently at 58.55, just below the 60 level. The Bollinger Bands for AAVE/USD are currently very close to each other, which indicates that the market is in a state of consolidation.
Aave price analysis conclusion
Aave price analysis confirms that the price has undergone a severe decline during the day. The AAVE/USD price is now touching the $82.85 mark, which is the lowest, and it can be expected that it will move down to further lows in the approaching hours. However, the price has reached the support zone, and there are chances that the price may bounce back from here if buyers’ support comes into play.
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Source: https://www.cryptopolitan.com/aave-price-analysis-2022-10-25/