$AAVE is showing signs of localized volatility on the shorter timeframes. Here is a quick breakdown of the current chart action:
Key Technical Observations
Price Action: AAVE is currently trading at $120.50, up +4.18% over the last 24 hours. After hitting a local peak of $121.62, the price has retraced and is currently struggling to maintain momentum above the immediate moving average.
Moving Averages: The price is hovering just below the MA60 (Grey line) at $120.90. This indicates a short-term resistance level. A clean break and close above $121.00 is needed to confirm a bullish continuation.
Volume: We saw a significant spike in volume during the recent dip (red bars), suggesting some selling pressure or profit-taking near the $121 level. However, the volume is now stabilizing as the price finds a floor around $120.35.
Range: The 24h Low of $110.64 shows strong support significantly lower, but the immediate trend is dictated by how it handles the $120.00 psychological level.
Short-Term Outlook
Bullish Scenario: If AAVE can flip the $121.00 level into support, we could see a retest of the daily high ($121.62) and a move toward $123.00.
Bearish Scenario: Failure to break the MA60 ($120.90) may result in a slide back toward the $118.50 zone to gather more liquidity before the next move.
Current Sentiment: Neutral-Bullish. Watch the $121 resistance closely.
#AAVE #BlockAILayoffs #JaneStreet10AMDump #MarketRebound #AxiomMisconductInvestigation