Aave: Is $146 a pivotal point for price gains?
Aave (AAVE) recently faced rejection at the $146 resistance level, with analysts predicting a possible consolidation phase. A close above $146 is crucial for a move to $180, however, the price has been a significant barrier since 2022, with multiple attempts ending in failure.
In the current scenario, AAVE is likely to consolidate between $111 and $146. A break above $146 will confirm the bullish trend, while a break below the $111 support could lead to a further slide to $90 or lower.
Despite facing resistance, the technical chart shows bullish signals such as an inverted head and shoulders pattern and a breakout from a descending wedge, suggesting potential upside opportunities. The relative strength index (RSI) is at 65.09, suggesting that buying pressure is building, but it is not yet overbought. Currently AAVE is trading at $141.56, with market participants keeping a close eye on the $146 pivot point to determine future movements.
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