Market & Ticker: AAVE - AAVE/USDT
Date: 07/02/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
AAVE reached 105 targets defined the 03/08/2023 before engaging the consolidation. AAVE is now close to reaching the end of the consolidation potential at 75.00 / max 63.00. In the coming weeks we do expect a bullish reversal tentative which will conduct to a test of 108 resistance, resistance to surpassed to confirm a new upside trend towards to 158/170.
At current price we adjust the Tactical support area at 63.00 (prior 54.00 in august 2023) and the buying area at 81.00/75.00 anticipating a new bullish phase towards 108.00 confirmation level to break above to open 158.00 and 170.00.
Technical Key Elements:
- AAVE reached the upper part of the range at 122.
- RSI indicator is negative and keeps potential to the downside
- The Moving average are acting as resistance after crossing down
- Fibonacci key support is adjusted at 63 while the Elliot wave shows upside potential towards 108 and 158
Trade Idea conclusion: Buy - Conviction: Medium
• Target 1: 158
• Confirmation: 108
• Buy: add in dip area 75
• Stop: 63
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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