Aave price analysis is showing slight signs of recovery today. However, significant price action is not expected since Aave has been consolidating sideways over the past few days. It just bounced back up from the $77.16 support line. But will it manage to test the resistance at $96.99 today?
As the crypto heat map shows, the market is mostly in the greens today. However, this does not certainly signify any bullish action because the market has been trading in a range. It is simply oscillating for now. Bitcoin has recovered by 2 percent today while Ethereum recovered by 2.18 percent. The same applies to other altcoins including Aave.
The 1-day Aave price analysis gives us a clearer picture of the range in which Aave has been trading recently. The resistance is mostly set around the $94 mark while the support line is around $77. As for the RSI, the market seems quite balanced right now. However, the graph’s gradient is positive, suggesting some impending buying action. The MACD analysis also shows a very slight recovery, but it is not significant enough.
Aave 24-hour price movement: AAVE/USD is trading in a range
Aave price analysis for the 24 hours again shows us that it has been in a range. However, over the last few hours, the price broke past the previous resistance of $80 but the momentum was not strong enough to push it higher.
At this point, Aave might just be gearing to lose momentum again and continue to dip after this short rally. The RSI shows us that the market is slightly overbought in the short term. At the same time, the strength of the histograms is also decreasing, hence indicating that the upwards momentum is getting burned.
If we look at Aave’s data, its market cap is risen by 2.31 percent and currently sits at $1,144,014,628. The trading volume has significantly gone down by 42.13 percent, bringing the volume to market cap ratio at 0.06435.
Aave is expected to continue trading in a range over the next 24 hours. Currently, it is like a tug-of-war and either side may get exhausted eventually, pushing the market in the opposite direction.
4-hour Aave price analysis: AAVE/USD might retest the $85 mark
Aave price analysis for the 4-hour chart gives us some hope for a positive price action over longer intervals. Over the next 24-48 hours, Aave can possibly retest the resistance at around $85. But significant momentum will be required to push higher.
This is supported by the fact that the RSI is very balanced right now and MACD shows incoming positive momentum. A crossover between the MACD lines is also not likely soon.
So, short-term traders might want to take trades and hold for 48 hours or more to lock in some profits. However, as always, this is not financial advice since the market can always move against predictions.
Aave price analysis: Conclusion
While there is no significant short-term price action, the momentum is building up for the next 24-48 hours based on the 4-hour chart. Over the next few hours, Aave is likely to stay in a range before breaking higher. While it is not possible to accurately time the bottom, this seems to be a good spot for an investment if you want to hold for the mid-term. With that, here are some coins suitable for long-term investing.