AAVE Technical Overview
AAVE managed to break above the downtrend, yet it failed to hold there and the price pulled back inside the formation again. The upper trendline can be said to have lost its strength as resistance.We have the first resistance zone between the levels $324–$330, which is both a horizontal resistance and matches a previous trendline pushing the price down before. It is hard to pronounce a strong move up unless the price holds above $330. According to a bullish scenario, the price could surge to the level $350 first and then to $368 if the level $330 gets broken.We have the first short-term support zone between the levels $307–$308 below. Also, the price might test lower levels at $291 or even $269 if it can’t hold above this zone. $291–$269 is critical as this price zone intersects with the middle and lower bands of the ascending channel formation.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
