Today’s Aave price analysis is bullish as a new higher floor was found around $285 and it reacted higher yesterday. As a result, we expect AAVE/USD to rise further and aim for the resistance at USD 345 in the future.
Over the past 7 days, Aave has seen a steady decline in value with some sharp declines similar to those seen in other cryptocurrencies this week. After Aave retested USD 280 support on April 4th, Aave fell on the 12th last night, you can see gains in the chart below.
AAVE/USD 4-Hour Chart: AAVE Hits New High Of The Day?
We can also see Aave price rebound from yesterday’s brief decline faced with added upward pressure on the 4 hours chart. With a daily close above $285, we can expect Aave to continue to advance and aim for the $345 resistance level.
There is also significant support in the $300-305 range, which should prevent further price declines like last week. We believe that support will increase as the buying pressure continues and Aave is likely to see additional gains over the weekend.
In October, the bullish bias in the Aave price action was restored. Support was found around $260 in September after a series of lower lows and highs.
We expect AAVE/USD to advance to the next resistance at USD 345 in today’s and tomorrow’s sessions after further momentum north. But first, let’s talk about the main levels we’re looking at.
Firstly, the $285 support needs to be suspended to control further upside movement. A break here would signal that gains are back under control and another rally is underway. If they hold on to these levels, bears will need to hit fresh lows around $255 to $270 before a possible rally takes place.
Then the resistance is in the $300 psychological circle. We expect this area to offer some resistance, as it did last night when the price dropped below this barrier. A daily closing price above this is needed to confirm further action for AAVE/USD north. However, for now, the buy zone remains between the 290-290 districts, which also coincides with the near-term 50% Fibonacci rebound.
Then additional resistance is at $345 where we expect gains to push prices further north before a reaction occurs. If you are looking for a good entry point, you should wait for the close of the day above this level or around 293-294. If you click here, you can see the price will rise to a recent high of $409.
The RSI also rose to 53 from 30 in positive territory, indicating that the bullish momentum may intensify. However, since there is no clear accumulation yet, as is usually the case before a sharp rally (small green candlestick, low volume), we could see this advance slow as it approaches $306.
Aave price analysis: conclusion
Even though the price has fallen sharply during the week, the Aave will continue to rise depending on the specs. We expect AAVE/USD to jump to $310 in the next two days.