Aave price analysis shows that the bulls have regained control of the market and are pushing the price towards the $107.60 resistance level. The price is facing some resistance at this level, but if the bulls can overcome this, then a move to $114 is possible in the near term.
The digital asset has been on a tear in recent times as it surged from $20 to over $100 in just a few months. The impressive rally has seen the token become one of the top-performing assets in the market, with gains of over 1.65 n the last 24 hours. The Market cap for Aave has also surged and is now close to $1,374,835,685. while the volume traded in the last 24 hours is at $248,399,107.
Aave price analysis on a 1-day price chart: AAVE/USD bullish
The market for Aave price has seen some consolidation in the past week as prices have been fluctuating between $93.82and $107.60. The current price surge has taken the prices to the upper limit of the consolidation range and a further move up may take place in the near term as the price is currently trading at $98.89.
The RSI indicator is currently at 68.03 and is showing some signs of a potential bearish divergence as the price makes higher highs, but the RSI fails to do so. The MA50 and MA20 are currently at $71.81 and $92.03, respectively. The long-term moving averages are well below the current market price and this indicates that there is still a lot of upside potential for AAVE in the market. The MACD indicator is currently in the bullish zone, but the histogram has started to decrease, which indicates that the momentum may be slowing down. Overall, the market looks set for a move higher in the near term.
AAVE/USD on a 4-hour price chart: Bullish run incoming?
On the 4-hour chart, the AAVE/USD pair is currently trading above the $98.89 level and is facing some resistance at this level. If the bulls can push prices above this level, then a move to $107.60 is possible in the near term.
The RSI indicator is currently at 62.71 and the MACD indicator is above the centerline, which indicates that the bulls are in control of the market. The MA50 and MA20 are currently at $88.61 and $93.82, respectively. Overall, the market looks set for a move higher in the near term.
Aave price analysis conclusion
Aave price analysis concludes that AAVE prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. The market is however in a bearish bias trend as the digital asset is trading just near the immediate support of $93.82.Investors are advised to keep an eye on the $107.60 level as a breakout above this could see prices move higher towards the $114 level.
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