AAVE Great Buying if lower support levels are retested
AAVE got rejected from higher levels on a fake triangle break as can be seen by the large bearish wick which touched a significant resistance area and then was followed by a deeper sell off.
Currently we are just barely holding onto a local support area and we haven't had any strong bullish reaction to it yet so good chance we break down to test lower supports.
We could see a strong bounce from those lower levels of weekly support and would be a great place to try and get a discounted entry into a solid project. Not sure if we will go that low but anything bellow $225 would be a good catch. I would go long there if the opportunity arises otherwise wait for AAVE to form a bullish structure first such as a break above the 200 ema and consolidation above that level.
Currently we are just barely holding onto a local support area and we haven't had any strong bullish reaction to it yet so good chance we break down to test lower supports.
We could see a strong bounce from those lower levels of weekly support and would be a great place to try and get a discounted entry into a solid project. Not sure if we will go that low but anything bellow $225 would be a good catch. I would go long there if the opportunity arises otherwise wait for AAVE to form a bullish structure first such as a break above the 200 ema and consolidation above that level.