- AAVE price is heavily resistant at 317.91, and further decline to 230 should support not hold.
- Symmetrical triangle consolidation has indicated that a breakout is imminent, with AAVE 260 being a major support point.
- RSI is neutral at 52, indicating indecision on AAVE, and could be bearish should support give way to a close below the $260 mark.
AAVE price has recently faced a pullback. Increasing the risk of further depreciation. Following this bullish momentum, AAVE has breached important points of support and market Analysts are beginning to watch the next movement. With AAVE at an all-time low at important support areas, the cryptocurrency is likely to trade at the target price of the vicinity of $230 in the short-term future.
AAVE Price Set to Test $230 Support After Recent Pullback
The recent decline in AAVE price was due to its inability to break the resistance at $317.91. The price could not sustain a bullish momentum despite a strong rally and fell below significant support levels such as $310.80. Following Trend and Analyst @ali_charts, this breakdown denies higher noises and points to a possible trend change, as the bear pressure becomes strong enough.
Source: Ali Charts/X
Consequently, the price of AAVE can now potentially move towards the support of 249 or 237 USD over the next few days. How price reacts to these levels will be keenly observed by traders to determine the potential of further downside, and the $230 support may lie ahead in case the bearish momentum gains ground.
According to the analysis, AAVE price has been trading in a symmetrical triangle formation over the last several months, as shown by analyst Jireon0x. This chart formation indicates that a breakout will happen shortly. With the AAVE price still struggling to overcome the resistance levels around $340 and failing to break through the $260 support, $230 may be the next most important stop. A break lower than the $260 support would point to lower levels, with $249 being a key level to monitor; a failure here might prompt stronger declines.
Source: Jireon0x/X
The AAVE price RSI is at about 52, neither bullish nor bearish, indicating no significant market direction. A break below the $260 with a break of the RSI below 40 would signal the rising bearish pressure. High volume and decreased price would help to reinforce the bearish scenario, which can drag the price of AAVE to the support zone at around $230.
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