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Aave (AAVE) Analysis: Will AAVE finally be able to get out of its bearish curse?

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  • AAVE is back with a bullish momentum after its gradual fall in November
  • The token is attempting to replace its previous 24-hour high price mark
  • Its current market price is 4.45% greater than yesterday’s closing value

AAVE’s current bullish sentiment aims at taking over the bears who damaged its price for far too long. The token’s weekly performance suffered a reduction of 8.81%, and it was getting damaged for the past six months. The current market cap of AAVE rounds off at $3.3 billion after an increase of 4.27%. The token’s trading volume pushed itself up in the market after an intraday uplift of 36.53%. The AAVE/BTC pair stands at 0.004346 BTC, gaining 4.98% during the intraday session, followed by the AAVE/ETH pair at 0.05581 ETH after an intraday increment of 1.74%.

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The token with a market rank of 53 is attempting a climb after it got affected by breakdowns multiple times. The EMA lines have started turning towards an upward direction as a sign of a future steady climb. The 50 runs and the current price action of AAVE and the 100 and 200 lines support the token. The token went down drastically in the form of a market correction, and since then, it has recovered 50% of the value from that fall. The current scenario of AAVE includes an external pullback that is ready to help the token bounce back to the top (refer to the dashed line). 

Oscillators are radiating positive signs, but investors are still unsure about AAVE’s future growth

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The 4-hour time frame chart explains the long-term prospects of AAVE. The token suffered from the bearish trend for long enough to see its price never recover before. But now, the current situation says that AAVE is trying its best to get back on the track of bullish upclimb. The MACD line is peeping above the zero level and the signal line. The RSI is residing inside the neutral zone for now and suggests a no buy/sell action. 

The resistance is at $263.843, and support is at $218.347. 

Conclusion- AAVE’s current sentiment shows that it is trying to achieve a breakout and stay consistent. However, its past data shows that the token never got bullish momentum for long. Nonetheless, one may consider day trading with AAVE by waiting for another dip for a short position. It is advisable to study the token before investing.

Resistance- $263.843

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Support- $218.347

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