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Trading signals for #AAVEUSDT → Breakout of descending triangle resistance

2023-09-21 10:22 CRYPTO forecast

💡 Ideas For AAVEUSDT 💰

📈 AAVEUSDT → Breakout of descending triangle resistance

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AAVE is forming a breakout of the descending triangle resistance. Buyers are confidently holding the bottom, keeping the price below 55.00, but at the same time testing a trend change attempt

AAVE follows BTCUSD. A momentum and a small pullback is forming. This is partly a bad thing. Until bitcoin gets momentum and a breakout of local resistance, the pegged coin will also stand still. If the market doesn't acquire a buyer while the coin consolidates above the broken resistance, the flat formation will continue. Bitcoin is strengthening as it receives fundamentally positive data, mostly related to ETFs.

From a technical analysis perspective, AAVE has good upside potential. A prolonged consolidation for 15 months is forming and the price moving beyond resistance is signaling possible upside. The price is testing the MA-200, if the moving average is broken, there will be a chance for growth to 91.3

Support levels: previously broken resistance, MA50, 55.2.

Resistance levels: MA-200, 69.56.

I expect consolidation above the previously broken trend line with subsequent retest and breakout through MA-200

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#AAVEUSDT 💰

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