AAVE’s price just shot up 11% in a short time, catching the eye of prominent analyst Crypto_Jobs on X. While he likes what he sees, he thinks waiting for the price to drop a bit might be smart before buying in.
However, the chart of AAVE on the 15-minute timeframe highlights an impressive 11% price surge. This upward move began after a breakout above a rising trendline, which had been respected multiple times as support. Following this breakout, AAVE’s price rallied sharply to reach approximately $400 before showing signs of a short-term retracement.
The retracement appears to be a natural correction, often seen after a significant rally. The chart also suggests that the area around $360-$370, previously a resistance level, could now act as a support zone. This aligns with Crypto_Jobs’ tweet emphasizing caution and the potential for the price to revisit this level.
Rising Trendline and Support Zone Dynamics
A critical feature of the chart is the rising trendline, which provided support during the consolidation phase before the breakout. This trendline served as a foundation for bullish momentum, leading to a sharp upward movement. Once the price broke above the trendline, it continued its ascent, confirming the strength of the breakout.
A horizontal support zone, marked as a yellow box in the chart, sits slightly above $360. This area is considered a potential level for buyers to step in if the price retraces further. Analysts commonly view such retests as opportunities to confirm the strength of an uptrend.
Image Source: X/Crypto_Jobs Market Sentiment and Technical Patterns
The chart showcases a bullish structure, with a breakout followed by an impulsive upward move. The short-term pullback could signify profit-taking or a temporary pause in the rally. Although technical indicators like RSI are not visible on the chart, overbought conditions often accompany such rapid price movements.
Crypto_Jobs’ tweet suggests a positive outlook for AAVE while advocating for caution. By waiting for the price to test the identified support zone, traders could position themselves more strategically for the next move. This balanced approach reflects the importance of managing risks in volatile markets.
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Key Levels to Watch for AAVE Price
As AAVE retraces from its recent highs, attention turns to key support levels around $360-$370. These levels, marked by the yellow box on the chart, represent areas of interest for traders anticipating the next leg of the uptrend. Monitoring how the price reacts at these levels will provide further clarity on the strength of the bullish trend.
This analysis, combined with Crypto_Jobs’ insights, offers valuable guidance for market participants navigating AAVE’s price movements. Whether the token holds support or continues its retracement, it remains a focus of interest for crypto traders.
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