https://ift.tt/33uSXd5 price analysis: Aave at $214 as the bearish trend takes over

TL;DR Breakdown

• The Aave price analysis is bearish today.
• Resistance is present at $221.
• Support for AAVE is present at $206.

The Aave price analysis shows a Bearish trend setting up after a continuous bullish momentum for the past few days when the price was uplifted to $218. Bulls were in the lead from 11th January, but today, bears are fighting back and have shown a remarkable resistance in the last few hours, pulling the price back to $214.8 at the time of writing. Currently, the nearest support is present at $206, but on the contrary, the nearest resistance is present at $221. The bearish momentum has hindered the upwards movement of the price function but has not caused a major setback yet.

AAVE/USD 1-day price chart: Bears pulling the price below $218

In the 1-day chart, the Aave price analysis shows price going down for the cryptocurrency due to continuous bearish pressure from the last few hours. Still, as is seen in charts, volatility is also high, indicating uncertainty and may favor bears further. Though bulls provided some competition, bears are wining the lead as of now.

The Bollinger bands indicate a volatile situation as the higher end of the band stands at the $289 mark while the lower end stands at the $190 mark indicating the prevalence of volatility. The relative strength index (RSI) score is 45, which is an acceptable figure, but the curve of the indicator is downwards, indicating the selling activity in the market.

Aave price analysis: Recent developments and further technical indications

The 4-hour price chart for Aave price analysis shows that bears have provided tremendous resistance to the surging price due to the previous bullish momentum by decreasing the price to $214, respectively. However, finally, AAVE/USD has got support, and the price has been increasing again from the last four hours, which is an encouraging sign.

The volatility is still high as the Bolinger bands are maintaining the distance and cover more area, as can be seen in the 4-hour chart, which may also provide some cushion to the bulls in the near future. The Bollinger bands’ values are as follows; the upper Bollinger band is touching the $225 mark, whereas the lower band is at the $195 mark. The RSI score is also increasing towards the center of the neutral range and is trading at index 50. The Moving Average (MA) has been $216, just above the current price level, while the Bollinger bands average is $210 representing support for AAVE/USD price.

Aave price analysis conclusion

From the above Aave price analysis, we can say that sellers dominated the market, proved by the incredible bearish momentum dictating the price movement. The increased volatility also seems to favor bears, but AAVE/USD may continue enjoying bullish momentum if the bullish trend that appeared in the last four hours continues.

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