AAVE’sstruggle to break the$100resistancemark,technicalanalysis,and future prospects amid marketdownturns.
Points
- AAVEfacedrejectionatthe$100resistancemarkandformedadescendingtriangle.
- Thetoken’spriceactionreflectslowerlows,withrecentsupportat$80and$78.
- Futurepotentialdependsonovercomingcurrentresistanceandmarketsentiment.
CurrentPriceAnalysis
AAVE recently faced rejection from the critical$100resistancemark,leading to a15%drop after retesting thishurdle.The token has formed a descending trianglepattern,reflecting a bearish outlook as it continues to trade below key movingaverages.
CurrentPriceAnalysis（continued）
AAVE’sprice action has shown lower lowswings,with the token currently trading at$83.38after a5.05%intradaydrop.The token has a monthly return ratio of-17.90%and an8.20%yearlyreturn,reflecting ashort-termdecline.
TechnicalIndicators
AAVE is trading below its20-dayEMA,indicating continued sellingpressure.The Relative Strength Index（RSI）has dragged below the midlineregion,conveying a negativecrossover.According to Fibonaccilevels,the token is on the verge of the23.6%zone and might find supportthere.
The descending triangle pattern suggests further bearishpotential.If AAVE fails to hold at its immediate support levels of$80and$78,it could face additional downwardpressure.Conversely,overcoming the$100resistance mark is crucial for any potential bullishreversal.
MarketSentimentandFutureOutlook
The weighted sentiment data for AAVE recently witnessed a massive decline of over328%,falling into the negative region at-0.69.This reflects a negative outlook amonginvestors,coupled with a43%spike in price volatility to the0.027mark,indicating sharpspeculation.
$AAVE has been in a super long accumulation since June 2022, or simply said, shit can’t seem to pump at all above a certain price.
https://twitter.com/Crypt0_gorilla/status/1808537206518149482
The futures open interest（OI）data also displayed negativeflow,with a12%reduction to$53million,highlighting long unwinding activity over the past24hours.
解説
- TechnicalAnalysis:AAVE’scurrentbearishtrendisunderscoredbyitsinabilitytobreakthe$100resistancemarkanditsformationofadescendingtriangle.Keysupportlevelsat$80and$78arecrucialformonitoringpotentialfurtherdeclines.
- MarketSentiment:Thesignificantdropinweightedsentimentandthespikeinpricevolatilityreflectheightenedinvestorcautionandspeculativeactivity.ThesefactorscontributetothebearishoutlookforAAVE.
- FuturePotential:Overcomingthe$100resistancemarkisessentialforanybullishreversal.Investorsshouldwatchforchangesinmarketsentimentandtechnicalindicatorstogaugepotentialrecoveryorfurtherdeclines.