Aave price analysis shows a downtrend as the bearish sentiment has taken over. The AAVE/USD rallied high yesterday when the price surged from $85.98 to $86.11 in a swift move, gaining significant value. Today AAVE is correcting again, and the price has decreased to $86.03 at the time of writing. After getting resistance at $86.11, LTC is correcting again as bears have taken control over the price function. Last week proved rewarding for the AAVE/USD pair as the short-term price trend line is upwards, and the coin gained more than two percent value over the past week.
The Altcoin has lost more than 1.61% since then and is contending to maintain the support at $83.59. The market capitalization of the coin is $1,214,082,990 and its 24-hour volume traded is $78,070,009.
Aave price analysis 1-day price chart: AAVE/USD breaks below $86.00
The 24 hours Aave price analysis shows a decline in price today after t continuous bulls rally. Price is decreasing gradually as bears get hold of the market. The past few hours proved insignificant for the cryptocurrency. The AAVE/USD pair is trading hands at $86.03 at the time of writing. Selling pressure is also increasing as traders book profits from the start of the trading session. The market is struggling to increase its price after hitting a wall at $86.11. On the downside, good support is still visible at $83.59, which could help AAVE/USD to bounce back and make more gains in the short term.
The RSI indicator is also heading towards the oversold region as sellers are in control over the market. A bearish crossover is also observed on the MACD indicator, which indicates more downside pressure in the coming days. The 50-day EMA has given a sharp reversal from the $83.08 level, and it could prove to be an ultimate hurdle for bulls trying to get back into control. The 20-EMA is also heading downwards, which indicates further bearish momentum in the market. Overall, AAVE/USD is likely to remain bearish in the near term and could test support at $83.59 again soon.
AAVE/USD 4-hours analysis: Recent developments and further technical indications
The 4-hour Aave price analysis shows bears are in reign from the start of the day without any interference from the buyers’ side, as a red candlestick is indicating a decline in the price level. Earlier, bulls showed good performance and dominated the price charts for 20 hours continuously, but now the selling pressure has reversed the trend.
Looking at 4-hour technical indicators, the 100-EMA and 200-EMA are both pointing downwards, which indicates a bearish outlook. The RSI has also dropped to 51.80 and is heading further down, suggesting an oversold situation for the AAVE/USD pair. The MACD indicator is showing a weak bearish momentum as the histogram bars are attaining shorter depths with each passing bar. It signals that the downward pressure is going to be weak in the upcoming hours at $86 and can test support at $83.59.
Aave price analysis conclusion
In conclusion, Aave price analysis shows that the AAVE/USD pair has dropped down to the $86.03 level, and bearish sentiment has taken over the market. The support is still visible at $83.59, which could help the cryptocurrency to bounce back in the short term. However, bearish momentum is likely to remain strong in the near term and can test support at $83.59 soon.