Aave price analysis shows that the AAVE/USD pair is currently in an uptrend and is trading above the $102.81 level. The bulls are currently in control of the market and are looking to push the price higher. However, the bears are also trying to take control of the market and are looking to push the price lower. The next major support for the AAVE/USD pair is present at the $94.06 level. If the price moves below this level, it could start to move lower. On the other hand, if the price moves above the $103.07 level, it could start to move higher.
The digital asset has been on a tear in recent times as it surged from $94.06 to $103.07 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 next major support for AAVE/USD is present at the $94.06 level.
Aave price analysis on a 1-day price chart: AAVE/USD is facing rejection at $103.07
Aave price analysis on the 1-day chart shows that the AAVE/USD pair has been in an uptrend. The market cap for the digital asset is currently around $1,427,949,807 and the 24-hour trading volume is about $145,907,266. The AAVE/USD pair is currently trading above the $102.81 level and is facing resistance at the $103.07 level. Bulls managed to push the price above the $103.07 level but were unable to sustain it.
The Bollinger Bands on the 1-day chart for AAVE/USD is widening which shows that the market is volatile. The Relative Strength Index (RSI) is currently at 61.81 and is rising which shows that the bulls are in control of the market. The MACD is currently above the signal line which shows that the bulls are in control of the market.
Aave price analysis on a 4-hour chart: Recent development and further technical indications
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 $103.07 level seems to be acting as a resistance for the pair currently, and a break above this level is required for further upward momentum.
The MACD line blue is above the signal line, which is a bullish sign. The RSI indicator is currently at 58.48 and is rising which shows that the bulls are in control of the market. The Bollinger bands are seen moving above the candlesticks, which is a bullish sign.
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. The market is however in a bearish bias trend as the digital asset is trading just near the immediate support of $94.06.Investors are advised to keep an eye on the $103.07 level as a breakout above this could see prices move higher towards the $104 and $105 levels.
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Source: https://www.cryptopolitan.com/aave-price-analysis-2022-05-30/