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Aave Price Analysis: AAVE rejects upside at $280, more downside to follow?

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  • Aave price analysis is bearish today.
  • AAVE/USD is rejecting upside around $275.
  • Closest support at $255.

Aave price analysis is bearish today as we currently see upside rejected after a rally this morning. Therefore, AAVE/USD will likely set another lower high before continuing to move lower later today.

Aave Price Analysis: AAVE rejects upside at $280, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market has continued to trade in a bearish momentum over the last 24 hours. Bitcoin lost 2 percent, while Ethereum 1.02 percent. Meanwhile, Crypto.com Coin (CRO) is still the top performer, with a gain of 12 percent.

Aave price movement in the last 24 hours: Aave rallies higher, fails to reach previous high

AAVE/USD traded in a range of $257.51 – $277.45, indicating strong volatility over the last 24 hours. Trading volume has increased by 70.92 percent, totaling $367.5 million, while the total market cap trades around $3.67 billion, ranking the coin in 51st place overall.

AAVE/USD 4-hour chart: AAVE to move lower again?

On the 4-hour chart, we can see the Aave price action currently rejecting further upside, likely leading to another move lower later today.

Aave Price Analysis: AAVE rejects upside at $280, more downside to follow?
AAVE/USD 4-hour chart. Source: TradingView

Aave price action has continued to decline over the past week. From the previous major swing high around $345 set on the 9th of November, AAVE/USD has declined by over 25 percent to the current low at $255.

After a slightly higher low was set above $255 yesterday, the market saw bullish momentum return, leading AAVE/USD higher overnight. However, after a rally overnight, bulls failed to reach the previous local swing high at $280.

Over the past hours, rejection for further upside can be seen around $275, likely meaning that another lower high has been set. From there, we expect the Aave price action to move lower again and likely break below the $255 support.

Aave Price Analysis: Conclusion 

Aave price analysis is bearish today as we expect a reversal to follow over the next hours, leading back to the downside. Therefore, AAVE/USD should head to test the previous low at $255 next.

While waiting for Aave to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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