Aave price analysis: AAVE slowly retraces to $62, another lower high next?
Aave price analysis is bullish today.
AAVE/USD saw consolidation above $62 overnight.
Bullish sentiment is currently seen again.
Aave price analysis is bullish today as we have seen a slow retrace to the $62 support end with consolidation formed overnight. Likely AAVE/USD will push higher from there and look to set another lower high below $75 over the next 24 hours. From there, further downside can be expected later in the week.
Aave price analysis: AAVE slowly retraces to $62, another lower high next? 1
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.72 percent, while Ethereum just 0.14 percent. Meanwhile, the top altcoins like Dogecoin, Avalanche, and Uniswap are the worst performers of the day, with over 6 percent losses.
Aave price movement in the last 24 hours: Aave sets a slightly higher low above $62
AAVE/USD traded in a range of $63.21 to $68.01, indicating strong volatility over the last 24 hours. Trading volume has increased by 10.,11 percent, totaling $135.5 million, while the total market cap trades around $934 million, ranking the coin in 50th place overall.
AAVE/USD 4-hour chart: AAVE looks to retest upside?
On the 4-hour chart, we can see consolidation slowly turning into a push higher as sellers are once again exhausted. As a result, likely Aave price action will look to set another lower high later in the week.
Aave price analysis: AAVE slowly retraces to $62, another lower high next? 2
AAVE/USD 4-hour chart. Source: TradingView
Aave price action has seen a strong upswing over the second half of June. From the last major swing low at $46, AAVE/USD rallied over 65 percent to the $78 mark, indicating a major potential shift in trend.
The following retracement also managed to set a stronger higher low at $62, further confirming this signal. However, after some consolidation and a steady move higher, AAVE failed to break through the $75 previous resistance, effectively setting a slightly lower local high.
Since then, Aave price has slowly retraced back to the previous low. The $62 mark was not reached, meaning a slightly higher local low is set. Therefore, the overall market structure is in consolidation in an increasingly tighter range as of now.
Likely we will see AAVE/USD set another lower high later in the week and continue to trade with reduced volatility early in July until a clear break to either side is seen. Overall, this means that further price action development is needed to set any medium-term targets.
Aave price analysis: Conclusion
Aave price analysis is bullish today as we have seen consolidation slowly turn into a push higher. Likely AAVE/USD will look to retest the previous high next, however, when considering the low bullish momentum, we expect another lower high to be set later in the week. Once that is done, AAVE should look to break past the $62 mark and test even further downside in July.
While waiting for Aave to move further, see our long-term AAVE Price Prediction for 2022-2031.