According to data, AAVE's behavior suggests a major pullback after surging 100% in one month.
) has more than doubled in a month, but its bullish momentum could be reaching a point of exhaustion.Notably, AAVE has surged by over 103% after bottoming out locally at $45.60 on June 18, hitting almost $95.50 this July 15. Nevertheless, the token's sharp upside retracement move has brought its price closer to the level that triggered equally sharp pullbacks since early June.
In other words, AAVE has been testing an ascending trendline resistance that constitutes a"bear flag," . For example, the trendline's previous test on July 9 ended up in a 20% downside move. Similarly, a similar attempt on June 24 pushed AAVE price lower by nearly 30%.As a result of this distribution behavior, AAVE's ongoing attempt to break above the flag trendline could meet with extreme selling pressure. A pullback could then see AAVE/USD retest the flag's lower trendline near $67.75 as its downside target by September, down almost 30% from July 15's price.
Meanwhile, the $76.30-level serves as interim support, primarily due to its history as a price floor in May that preceded a 60% rebound move.As a rule of technical analysis, the breakdown below $67.75 could see AAVE plunging by as much as the height of the"flagpole" that formed before the bear flag. That would have the token eye $35.50 as its bear flag profit target, down over 60% from the current price.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
UNI, MATIC and AAVE surge after Bitcoin price bounces back above $20K$UNI $MATIC and AAVE booked double-digit gains just a day after a record-high inflation report knocked stocks and Bitcoin price back toward swing lows.
Consulte Mais informação »
Virginia flooding leaves more than a dozen people unaccounted for as over 100 homes damagedMore than a dozen people remain unaccounted for in rural Virginia after heavy flooding triggered by a torrential rain storm caused widespread power outages and damage to more than 100 homes — including some that were torn from their foundations and swept away by the floodwaters.
Consulte Mais informação »
Delaware County Senior Games lets athletes age 50-100 relive their athletic yearsDozens of athletes aged 50-100 prove that age is just a number, competing in a host of events such as the long jump, sprints and 100, 200 and 400.
Consulte Mais informação »
Nasdaq 100 Sinks as Risk-Off Sentiment Dominates Markets, Commodities SlumpRisk-off sentiment is dominating price action on Thursday. Investors are growing increasingly fearful that the U.S. economy is headed for a hard landing amid tightening financial conditions.
Consulte Mais informação »
Travel + Leisure's top 100 hotels in the world: Top 5 might surprise youThe list of Travel + Leisure's world's top 100 hotels is comprehensive and spreads out in various countries across the globe, but one U.S. hotel in the list's top five might not be what you expected.
Consulte Mais informação »
Could Hot Inflation Numbers Push the Fed to Historic 100 Basis-Point Rate Hike?'The Fed is going to continue to be very aggressive in driving markets down, taking liquidity out of the system,' ValkyrieFunds' stevenmcclurg says, adding that a potential bitcoin bottom depends on how long the Fed continues to tighten. Watch more:
Consulte Mais informação »