Aave price analysis: Bullish momentum helps elevate AAVE to $228

TL;DR Breakdown

• The Aave price analysis is bullish.
• Resistance for Aave is present at $243.
• Support is present at the $222 level.

The Aave price analysis is on the bullish side as it shows the price has increased further after rallying high yesterday. The market has been following a bullish trend as the price is on recovery, but as the price reached $241.8, the selling pressure started to build, and the price started to oscillate downwards. But bullish efforts emerged again, and the price is currently present at the $228 level. Support is present at $222; AAVE may get support at this point and may start recovering again if the support proves strong enough.

AAVE/USD 1-day price chart: Price decrease after rallying high

The 1-day price chart for Aave price analysis shows bulls are defining the price action for today. The AAVE has been continuing upside for today after closing at $222 in the previous trading session. The crypto pair is trading hands at $228 at the time of writing. However, the selling pressure is also there as the coin price has decreased after swinging high.

The past week overall proved good for the crypto pair as the price trend line remained slightly upwards but the coin started to race high aggressively yesterday, as the coin reports a 51.82 percent increase in value over the last week. Meanwhile, today, the trend has been the same as the bulls are ruling the price charts by elevating the coin value further. The moving average (MA) is standing at $176 below the price level.

The volatility for the Aave price function is high as the Bollinger bands indicate, with the Upper band at $214 representing the support and the lower band at $96 representing the strongest support, making an average at $155; the price is trading above the uppermost limit of the volatility indicator. The relative strength index (RSI) is also confirming the uptrend for today as it is trading at index 80 in the overbought region, but the curve has straightened out, hinting at the bearish pressure also playing in.

Aave price analysis: Recent developments and further technical analysis

The 4-hour price chart for Aave price analysis shows that correction started during the last four hours and is still on the go, as the price breakout was also in the downwards direction today. The price has come down to the $228 level in the last four hours after covering the range downwards. However, the price is still trading in greens as the bullish moves were overwhelming during the day and the bullish side still dominates the market.

The volatility is high on the 4-hour chart as the Bollinger Bands average is forming at $195, which now indicates support for the AAVE/USD pair price, whilst the upper band is at $249, and the lower band is at the $142 mark. The RSI has also been decreasing towards the border of the neutral zone at index 70 but still at a higher level.

Aave price analysis conclusion

The Aave price analysis shows that the coin has continued upside today and is correcting at the moment and may continue to follow a downtrend for a few hours more if the selling pressure persists. The support present at $222 may go under test soon, but it seems strong enough to keep the cryptocurrency price afloat above. On the other hand, if the support collapse, then AAVE may continue downside towards the $210 range.

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