Aave Price Analysis: AAVE looking to test $325 resistance for the third time, breakout to follow?
- Aave price analysis is bullish today.
- AAVE/USD moves towards $325 resistance again.
- Higher local low set overnight.
Aave price analysis is bullish today as bullish momentum has pushed the market higher this week, likely leading to another retest of $325 resistance. Therefore, further upside will likely follow, potentially leading to a break higher.
The overall market traded with bearish price action over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 0.98 and 1.82 percent, respectively. Meanwhile, Dogecoin (DOGE) was the worst performer, with a loss of around 5.5 percent.
Aave price movement in the last 24 hours: Aave continued to move towards $325
AAVE/USD traded in a range of $302.32 – $320.21, indicating mild volatility over the last 24 hours. Trading volume has increased by 7.71 percent and totals $246.5 million, while the total market cap trades around $.14 billion, ranking the coin in 43rd place overall.
AAVE/USD 4-hour chart: AAVE looking to break higher?
On the 4-hour chart, we can see Aave price action approaching the $325 previous resistance again, likely resulting in a break higher today.
Aave price action has struggled to reach further upside over the past weeks. After setting a slightly higher high at the beginning of October at $325, the market saw a several-week consolidation.
After the second test of the $325 high, AAVE/USD saw a retracement of around 15 percent, leading to a lower low set around $275. Since then, bullish momentum has taken over again, slowly leading AAVE back towards the current swing high of $325.
Yesterday, bulls pushed the Aave price action above $310 again, with the following retracement setting a local higher low overnight. Overall, AAVE/USD is likely ready to break higher today. However, if the $325 mark holds again, we expect to see further bearish momentum next week.
Aave Price Analysis: Conclusion
Aave price analysis is bullish as a series of local higher highs and lows have been set this week, leading AAVE back below the $325 resistance. Therefore, we will likely see further upside over the next 24 hours, potentially leading to a new higher high set.
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