AAVE token remains near its demand zone, struggling to surpass the $90 mark. Despite buyers’ attempts to sustain gains, the token faces challenges amid a bearish trend.
Points
- AAVE token forms descending triangle pattern.
- Struggles to surpass the $90 mark.
- Short covering move possible if it climbs above $100.
- Analysts suggest potential consolidation below $100.
- Indicators show potential for up move.
AAVE token remains near its demand zone, struggling to surpass the $90 mark. Despite buyers’ attempts to sustain gains, the token faces challenges amid a bearish trend.
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AAVE Open Interest | Source: Coinglass
AAVE Price Struggles in Current Market Conditions
AAVE token has been forming a descending triangle pattern, typically a bearish signal, as it continues to face resistance at the $90 level. The token’s price has seen a consolidation phase, with immediate support levels at $1.80 and $1.30. The key upside hurdle remains around $2.40, followed by $3.
Analysts suggest that if AAVE can sustain above the $90 mark, a short-covering move could drive the price towards $100. However, the current market conditions and bearish sentiment pose significant challenges.
Technical Indicators Show Mixed Signals
Technical indicators show mixed signals for AAVE. While some indicators suggest potential for an upward move, others indicate continued bearish pressure. The Relative Strength Index （RSI） is in the neutral zone, neither overbought nor oversold, which implies that AAVE could move in either direction depending on market conditions.
Immediate Support and Resistance Levels
- Support Levels: $1.80 and $1.30
- Resistance Levels: $2.40 and $3.00
Analyst Predictions and Market Sentiment
Market sentiment remains cautious, with analysts predicting potential consolidation below the $100 level. AAVE’s price movement will largely depend on broader market trends and investor sentiment. If bullish momentum builds, the token could see a significant uptrend. However, if bearish trends persist, AAVE may continue to struggle near its current demand zone.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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