Aave price analysis shows that the bulls have regained control of the market and are pushing the price towards the $95.04 resistance level. The price is facing some resistance at this level, but if the bulls can overcome this, then a move to $100 is possible in the near term.
The digital asset has been on a tear in recent times as it surged from $60 to $94.64. The impressive rally has seen the token become one of the top-performing assets in the market, with gains of over 3.07 percent in the last 24 hours. The Market cap for Aave has also surged and is now close to $1,313,562,315. while the volume traded in the last 24 hours is at $158,725,815.
Aave price analysis on a 1-day price chart: AAVE/USD bullish
The market for Aave price analysis has seen some consolidation in the past week as prices have been fluctuating between $90.22and $95.04. 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 $94.64.
The RSI indicator is currently at 62.04, which shows that the market is in neutral territory. However, the MACD indicator is currently in the bullish zone as the signal line is above the histogram. This indicates that the bulls have the upper hand in the market at this time and a further move up may take place in the near term while MA50 and MA200 are currently at $78.52 and $64.62 respectively.
AAVE/USD: 4-hour chart: Bearish bias
The 4-hour chart for Aave price analysis shows that the market has been in an uptrend since the beginning of today. The bulls have been able to push the prices higher despite some selling pressure at higher levels.
The MACD line is above the signal line, indicating that the bulls are in control of the market. The RSI indicator is also currently in the overbought zone which indicates that the prices may face some selling pressure at higher levels. The current price level is above all the moving averages which shows that the market is in an uptrend.
Aave price analysis conclusion
Aave price analysis concludes that AAVE prices are currently trading in a consolidation phase and a further move up may take place in the near term while the market remains above the $90.22 support level. The bulls will need to push AAVE/USD prices above the $95.04 resistance level to open up the possibility of a move towards $100.
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Source: https://www.cryptopolitan.com/aave-price-analysis-2022-05-28/