AAVE has maintained its position within a stable trading range despite recent market turbulence. Crypto analyst Sjuul highlighted AAVE’s performance in a tweet on X.
AAVE recently retested its support level and bounced back with a 35% increase. This rebound occurred while many other altcoins saw downtrends.
Sjuul’s analysis of the 12-hour chart reveals a clear macro range for AAVE, with resistance between $118 and $122 and support between $78 and $82.
$AAVE is still showing incredible strength.Despite the massacre, $AAVE just retested support of this macro range and bounced back 35%.While most altcoins are clearly on a downtrend, $AAVE is just ranging.Focus on these coins for the next few days!https://t.co/kqHzOizR2K pic.twitter.com/tZuA6liWUQ
— Sjuul | AltCryptoGems (@AltCryptoGems) August 6, 2024
The token’s resilience is particularly noteworthy given the broader market conditions. While other cryptos struggled, AAVE managed to maintain its trading range. This stability suggests a potential consolidation phase for the token.
Sjuul’s Technical Analysis Insights
A closer look at the chart shows AAVE trading around $100.62 after its recent bounce. This price point sits comfortably above the midpoint of its established macro range.
The strong bullish candlestick pattern following the support retest further confirms the token’s strength.
Sjuul’s analysis doesn’t include volume data. However, the price increase from the support level indicates substantial buying interest. This uptick in demand could signal positive sentiment among AAVE traders and investors.
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Trading Strategies and Outlook
Given AAVE’s current performance, traders might consider focusing on range-bound strategies. Buying near support levels and selling near resistance could prove profitable until a clear breakout occurs.
Therefore, a breakout above the $118-$122 resistance zone could signal the start of a new uptrend. Conversely, a breakdown below the $78-$82 support area might indicate further downside potential.
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The post AAVE Price Surges 35% Despite Market Downturn – $122 Target Next? appeared first on CaptainAltcoin.
