Bearish pull forces resistance to decline to $74 level

AAVE showed hints of recovery today which is the opposite of what it was a few hours ago.

• AAVE shows signs of recovery as prices rise 7.35%
• The currency is generally bearish but the bulls are now trying to control it
• AAVE breaks through the $77.53 level

This could be due to the general crypto market also recovering as of press time. Will this be in the long run?

The coin was generally bearish as it resisted a drop to the $74 level. The major support is now spotted at $73.65 and resistance at $77. 52.

It is clear that AAVE is moving lower early as it failed miserably to breach the $77.53 level. At this point, AAVE is down a short-term bearish path.

Judging by the 1-day price analysis, it is moving lower as a result of higher selling pressure. If selling pressure subsides, the price of AAVE could rise which is what is happening now.

Chart: TradingView.com

AAVE price hike by 7.35%

according to CoinMarketCapThe coin is up 7.35% or trading at $79.64 as of press time, which means that it has successfully breached the $77.53 level it has been trying to make for the past two days.

The upper band of the Bollinger Bands now appears at $78.63 which now represents the major resistance for AAVE while the lower band appears at the $73.83 mark.

What’s more, the RSI previously showed a dip to 40 but it showed a rebound and now looks more balanced.

The 4 hour price chart reveals that the bears were in control for several hours but the bulls are now in control.

Previously, the sharp drop in AAVE caused the price to drop to the $73.22 level which was a good sign for sellers.

Price is likely to build momentum

AAVE price is generally seen as bearish due to its sideways consolidation but is now rising and giving way to some bulls.

The price fell by $74.34 yesterday but now it has found a mojo and is on its way to making more gains. Momentum is likely to build up in the coming days.

At this point, AAVE is expected to continue trading in its current range for the next 24 hours.

However, the scenario with AAVE/USD still looks like a tug of war and anything could happen at this point as bears or bulls could be exhausted and push the currency to move in any direction in the coming days.

AAVE total market cap at $1.12 billion on the daily chart | Source: TradingView.com

Featured image from AMBCrypto, Chart: TradingView.com

from San Jose News Bulletin https://sjnewsbulletin.com/bearish-pull-forces-resistance-to-decline-to-74-level/