Aave’s price analysis shows that the price is currently in an uptrend as it broke through a descending triangle formation. The next resistance level is $97.04 and if the price can maintain its current momentum, it is likely to test this level in the near term. However, if the price retreats from current levels, support is likely to be at $89.82.
The digital asset has been in highs recently as it surged from $89.82 to $97.04 over the past few days. Bulls control the market and are currently trying to push the price higher. However, the bears are also showing signs of life and are trying to control the market. The market is up 3.97% in the last 24 hours and is currently trading at $93.65.
Aave price analysis on 1-day price chart: testing resistance at $97.04
Aave price analysis on the 1-day price chart shows that the price is currently facing resistance at $97.04 levels. If the price breaks through this level, it will likely test the $100 level in the near term. The current price increase has pushed the price to the upper limit of the consolidation range and in the near term further upward movement is possible as the price is currently trading at $93.65.
The RSI indicator is currently at 56.53 and showing some signs of a possible bearish divergence if the price hits a higher high. The MA50 and MA20 are currently priced at $91.45 and $88.60, respectively. The MACD indicator is currently in the bullish zone but is losing some of its momentum as the price is starting to break away from its current levels.
AAVE/USD on 4-hour price chart: bulls remain dominant as Aave price approaches $93.65
Analysis of the Aave price on the 4-hour chart, AAVE/USD is trading in an ascending parallel channel as the price corrected lower after reaching the top of the channel. The current movement can be seen as a correction as the price is still trading in a 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 63.40, which indicates the market is in bullish territory. Bulls control the market when the 50 MA crosses the 20 MA, which indicates an uptrend in the market.
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Conclusion of Aave price analysis
Aave price analysis concludes that AAVE price is currently trading bullish and is likely to rise in the near term as bulls continue to control the market. However, the bears are also showing signs of revival and a break above $97.04 is needed for AAVE/USD to surge higher.