AAVE has been one of the strongest coins lately.
• Pumped almost 70% since its bottom beginning of August
• Smashed through its long-term resistance at $120
• Massive volume (more than during the March peak)
For many traders who missed the breakout, the question arises whether to jump in.
Short answer: Wait.
Here's why:
• It is likely that we will see some profit-taking or re-test of the breakout after a 70% run - which will provide better entries.
• 150 will be a strong resistance. Going long doesn't make sense if the price is already close to the resistance.
• Bitcoin's influence. BTC (still) hasn't decided upon its next move. If it goes lower, it can quickly evaporate AAVE's pump.
Here are better approaches:
• Enter after correction/retest of the breakout
• Enter after the 150 resistance has been broken
• Enter once BTC starts pumping
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