- AAVE price breaks the support level under $290 and indicates a possibility of passive continuation towards a drop to $278, $238, or potentially even to $232.
- The levels of resistance at $310, $320, and $330 do not allow the rise of the AAVE price, which multiplies the pressure of bears.
- Bearish trend among AAVE faces targeting lower support areas at around $238 and $232, with a break.
AAVE price has fallen below its important support level of around $290 raising fears of its future movement. As bearish momentum intensifies, traders are observing major levels with an aim of determining whether the price will continue to tumble or a rally is eminent.
AAVE Price Struggles Below Key Support Levels
AAVE price has recently been facing substantial downward pressure, falling under the crucial support level at $290. This downtrend is preceded by an unsuccessful penetration of high resistance levels, including $310, $320, $330, indicating a lack of bullish forces. According to analyst Ali Charts, AAVE price is currently indicating bearish tone, though it may continue dropping, provided it breaks the current price support at $278.
Source: ali_charts/X
The existing market arrangement suggests that AAVE price could keep falling with possible targets being the support ranges of $238 and $232. Should the price retreat, these areas may offer some important purchasing points, but on the other hand, the danger of descending further could occur should the selling pattern continue.
The decline in AAVE price has been steep, it broke support at $310, $320, and $330. Based on the current price of AAVE, which is now below a critical support figure at $290, analyst TheDonOfApes remarked that additional losses might develop in case the price area of resistances remains steady. Any attempts towards a breakout that cannot manage to sustain above these levels should be taken with caution by traders.
Source: TheDonOfApes/X
The next direction of AAVE price would be dependent on volume and momentum. If the AAVE price manages to stay above $278, it might recover from bearish conditions. Nonetheless, additional volume on a decline would validate further bearish continuation and additional downside risks would be probable in case the support levels are violated.
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