AAVE/USDT AAVE approaching key support area at 75.00 to watch

BULLISH AAVE MARKET_MINDS

Market & Ticker: AAVE - AAVE/USDT


Date: 07/02/2024

Horizon / Timing: Tactical Mid-term / 1 to 3 months


Scenario:


AAVE reached 105 targets defined the 03/08/2023 before engaging the consolidation. AAVE is now close to reaching the end of the consolidation potential at 75.00 / max 63.00. In the coming weeks we do expect a bullish reversal tentative which will conduct to a test of 108 resistance, resistance to surpassed to confirm a new upside trend towards to 158/170.

At current price we adjust the Tactical support area at 63.00 (prior 54.00 in august 2023) and the buying area at 81.00/75.00 anticipating a new bullish phase towards 108.00 confirmation level to break above to open 158.00 and 170.00.

Technical Key Elements:


  • AAVE reached the upper part of the range at 122.
  • RSI indicator is negative and keeps potential to the downside
  • The Moving average are acting as resistance after crossing down
  • Fibonacci key support is adjusted at 63 while the Elliot wave shows upside potential towards 108 and 158

Trade Idea conclusion: Buy - Conviction: Medium


• Target 1: 158 • Confirmation: 108 • Buy: add in dip area 75 • Stop: 63

Chart: Daily Basis (Candle Stick) - Logarithmic


Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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Disclaimer : The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.

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