The daily chart shows the AAVE token has dropped out of a rising trend channel. The lower edge of the pattern, which previously acted as support, is now the first resistance level at $322. Furthermore, the 100-day moving average at $321.75 reinforces the trend line. This was evident last week when Aave tried to recover the uptrend but was swiftly rejected.
As long as the Aave price is below $322, it is vulnerable to further weakness. In that event, a logical target is the 20th of July low at $212, which sits just above May’s ‘flash crash’ low of $206. However, if the price scales $322, the bearish view becomes invalid and the uptrend returns as the dominant theme.
I have premium Trade Signal services, feel free to get in touch for your daily signals and analysis
As long as the Aave price is below $322, it is vulnerable to further weakness. In that event, a logical target is the 20th of July low at $212, which sits just above May’s ‘flash crash’ low of $206. However, if the price scales $322, the bearish view becomes invalid and the uptrend returns as the dominant theme.
I have premium Trade Signal services, feel free to get in touch for your daily signals and analysis
