Aave price analysis: Will AAVE/USD recover up to $85 soon?
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Ghost price analysis shows slight signs of recovery today. However, significant price changes are not expected, as Aave has been consolidating sideways in recent days. It just bounced back from the $77.16 support line. But will it manage to test resistance at $96.99 today?
As the crypto heatmap shows, the market is mostly in the green today. However, this does not necessarily mean bullish activity, as the market has been trading in a range. It just vibrates for now. Bitcoin has recovered 2 percent today, while Ethereum recovered 2.18 percent. The same goes for other altcoins, including Aave.
One day Aave price analysis gives us a clearer picture of where Aave has been trading recently. The resistance is mostly placed around the $94 mark, while the support line is around $77. As for the RSI, the market looks pretty balanced right now. However, the gradient of the chart is positive, which indicates some future buying event. MACD analysis also shows a very small recovery, but it is not significant enough.
Aave 24-hour price movement: AAVE/USD trades in a range
Ghost price analysis for 24 hours again shows that it has been in a range. However, in the last few hours, the price broke the previous resistance of $80, but the momentum was not strong enough to push it higher.
At this point, the Ghost may just be setting itself up to lose momentum and continue its decline after this brief rally. The RSI shows us that the market is slightly overbought in the short term. At the same time, the strength of the histograms also decreases, indicating that the upward momentum is burning.
If we look at Aave’s data, its market cap has increased by 2.31 percent and currently stands at $1,144,014,628. The trading volume has decreased significantly, 42.13 percent, so the ratio of the volume to the market value is 0.06435.
The specter is expected to continue trading in a range over the next 24 hours. Right now it’s like a tug of war and either side could eventually tire and push the market in the opposite direction.
4-hour Aave price analysis: AAVE/USD may retest the $85 level
Ghost price analysis on the 4-hour chart gives us hope for a positive price movement in the longer term. Over the next 24-48 hours, Aave could potentially retest resistance at around $85. But pushing higher requires considerable momentum.
This is supported by the fact that the RSI is currently very balanced and the MACD is showing positive momentum. Also, a crossover between the MACD lines is not likely anytime soon.
So short-term traders may want to take trades and hold for 48 hours or more to lock in profits. However, as always, this is not financial advice as the market can always act against predictions.
Ghost Price Analysis: Conclusion
While there are no significant short-term price movements, momentum is building over the next 24-48 hours based on the 4-hour chart. Over the next few hours, Ghost will likely remain in the area before moving higher. Although it is not possible to precisely time the bottom, this seems to be a good place to invest if you want to hold in the medium term. Here are some coins suitable for long term investment.