Descending Triangle: On the daily chart, you can see that the price of AAVE is forming a descending triangle. This indicates a possible continuation of the downward trend.
Key levels:
Resistance: Upper border of the triangle around 92.00 USDT 🔺
Support: Lower border of the triangle around 71.46 USDT 🔻
Technical indicators:
Parabolic SAR (PSAR): Indicates a downtrend as the PSAR points are above the price.
Ichimoku Indicator: Kumo Cloud (Ichimoku) also shows bearish sentiment as the price is under the cloud.
Moving Averages (MA):
MA 7: 84.24 USDT
MA 25: 87.23 USDT
MA 99: 93.16 USDT
Target levels:
Bullish breakout: If the price breaks the triangle resistance (92.00 USDT), a rise to 160.00 USDT (+78.84%) is possible 🚀
Bearish Breakout: If the price breaks the triangle support (71.46 USDT), a possible decline to 50.00 USDT (-30.15%) 📉
Volume: The level of trading volume is also important. Volumes have dropped recently, which could indicate a strong move is coming.
📊 Summary:
AAVE is in a descending triangle, signaling a potential breakout soon. It is necessary to monitor key support and resistance levels, as well as trading volumes, to understand the future direction of price movement.
