Based on the weekly chart (1W) for the #AAVE/USDT pair, here are the predicted support and resistance areas that can be identified:
Support Levels:
Support 1: 175–190 USD
This zone is seen as a blue Area of Interest (AoI) with high volume below the current price. This level is likely to be an accumulation area if the price corrects.
Support 2: 135–150 USD
A lower support area based on historical movements. This zone is important to maintain the long-term bullish structure.
Support 3: 105–110 USD
Key support based on the long accumulation range in 2023. If the price falls to this level, it could be a great opportunity for long-term buying.
Resistance Levels:
Resistance 1 (Initial Target): 275–280 USD
This is the current level being tested, and breaking it will be a confirmation to continue the bullish trend. Resistance 2 (Intermediate Target): 365–380 USD
Located near the 0.382 Fibonacci level, this is an intermediate target if the price manages to break through 275 USD.
Resistance 3 (Main Target): 840–1,000 USD
The next major target is near the red zone (Area of Interest) on the chart. This level is an important psychological resistance that will attract traders' attention.
Strategy for Price Movement:
Bullish Scenario: If the price breaks through 275 USD with high volume, the potential for an increase to 365 USD and then to 840–1,000 USD is very possible.
Bearish Scenario: If the price fails to break through 275 USD and corrects, the potential for a decrease to support at 175–190 USD or even 135–150 USD should be considered as an accumulation opportunity.
Monitor additional indicators such as volume and momentum (RSI/MACD) for trend validation. Also make sure to use good risk management, such as a stop loss below a key support level.