Aave price analysis: Bearish struggles at $74.68 as selling pressure builds

The Aave price analysis confirms a decreasing trend for cryptocurrency today as the coin value has degraded. The market has been following a bearish trend after a peak at $80.38 and has fallen to the current value of $74.68.  Bullish efforts observed during this time were weak and could not sustain the bearish pressure. The same is the trend for today as the price function is following a downward route today. 

Aave price analysis 1-day chart: Bears to hold  onto support at $74.06

The Aave price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decline during the last 24 hours. The selling pressure remained persistent throughout the last hours as the market dropped $74.68 losing about 7.86 percent in the last 24-hour period. The market is expected to go further downwards as the trend line continues to point toward a lower limit of $74.06 within the next few hours.

The 50-day Moving Average and the 20-day Moving Average are both below the current market price which further confirms the bearish trend. The relative strength index is also sloping towards oversold levels, which shows that the selling pressure is growing stronger with time. The MACD has also crossed the signal line with a bearish cross indicating a lack of bullish momentum in the market.

Aave price analysis 4-hour chart: Bearish is strong at $74.68

The hourly Aave price analysis shows a dramatic drop in price levels which intensified during the last four hours. The price breakdown was also downwards today, but bulls also tried to make a comeback late at night but were rejected after minimal efforts. A sharp decrease in price levels has been observed just recently as bears crashed the price down to $74.68. This sharp decline has come after prolonged efforts to maintain the price levels of the coin.

The moving average indicator is currently at $76.80 and is sloping downwards which indicates that more bearish pressure is on the way. The relative strength index has also dropped to a low of 40.60, showing an increased amount of selling pressure in comparison to buying pressure. The MACD indicator also confirms an overall bearish trend as it falls below the signal line with a negative histogram value.

Aave price analysis conclusion

The Aave price analysis shows that the market is under strong bearish pressure as the coin value continues to decline. The current support for AAVE/USD is at $74.06, and it remains to be seen what level of recovery will be possible in the near future. However, bears are expected to hold onto the support and retake control of the market soon.