Aave price analysis shows that the price is currently in a bullish trend as it has broken out of the descending triangle formation. The next level of resistance is at $97.04, and if the price can sustain its current momentum, it is likely to test this level in the near future. However, if the price starts to retrace from its current levels, support is likely to be present at$89.82.
The digital asset has been on a tear in recent times as it surged from $89.82 to $97.04 in the past few days. The bulls have been in control of the market and are currently looking to push the price higher. However, the bears are also starting to show some signs of life and are looking to take control of the market. The market has increased by 3.97 percent in the past 24 hours and is currently trading at $93.65 mark.
Aave price analysis on a 1-day price chart: Resistance tested at $97.04
Aave price analysis on the 1-day price chart shows that the price is currently facing rejection at the $97.04 level. If the price can break out of this level, it is likely to test the $100 level in the near future. The current price surge has taken the prices to the upper limit of the consolidation range and a further move up may take place in the near term as the price is currently trading at $93.65.
The RSI indicator is currently at the 56.53 level and is showing some signs of a potential bearish divergence as the price makes higher highs. The MA50 and MA20 are currently at $91.45 and $88.60, respectively. The MACD indicator is currently in bullish territory but is losing some momentum as the price starts to retrace from its current levels.
AAVE/USD on a 4-hour price chart: Bulls continue to dominate as Aave price nears $93.65
Aave price analysis on the 4-hour chart, AAVE/USD is seen trading inside an ascending parallel channel as prices corrected lower after hitting the upper limit of the channel. The current move can be considered a retracement as the prices are still trading inside the bullish channel.
The MACD line is currently above the signal line, indicating that the bulls are still in control of the market. The Relative Strength Index is currently at the 63.40 level, indicating that the market is in bullish territory. The bulls are seen in control of the market as 50 MA is seen crossing above the 20 MA, indicating a bullish trend in the market.
Aave price analysis conclusion
Aave price analysis concludes that AAVE prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. However, the bears are also starting to show some signs of reviving and a breakout above the $97.04 level is needed for AAVE/USD to move higher.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/aave-price-analysis-2022-07-22/