Technical Analysis for AAVEUSD for 9th March 2023
AAVE Drops 23% From February Highs, Token May Retest $65
Past Performance of AAVE
AAVE is bearish at spot rates, trading below a critical support line, now resistance. Currently, the token is down 23% from February highs and under pressure. Notably, buyers are yet to reject attempts lower. Instead, prices are inching lower, even riding the lower BB.
AAVE Technical Analysis
The immediate resistance is at $76, coinciding with February lows. With the trend bearish in the short term and sellers resilient, traders may look to sell on every attempt higher towards $76. As it is, the first target will be $65, a critical reaction point of November 2022. This preview is valid, provided there is no sharp rally with rising volumes above $76. In that case, AAVE may rally towards $93 in resumption of the primary trend of December 2022 to February 2023. Still, it is worth noting that though prices are lower, accompanying trading volumes are relatively low. Moreover, the primary trend is bullish from a top-down preview as the current prices are bound roughly within the base of a broader bull flag.
What to Expect from AAVE
Traders are confident, but if AAVE slips further from resistance at $76, it could validate the bear breakout of early this month. In that case, the token could cool off, retracing from Q1 2023 highs to key reaction points in the short term.
Resistance level to watch: $76
Support level to watch: $65
Disclaimer: Opinions expressed are not investment advice. Do your research.
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