AAVE: Falling WedgeAAVE technical analysis:
Trade setup : Price is in a Downtrend and has broken below 200-day moving average and $70 support, which is bearish. Now it’s trading in a Falling Wedge pattern. We wait for a bullish breakout from Falling Wedge, ideally above $70 and 200-day MA, which would signal that buyers have finally absorbed the supply from sellers and price is ready to reverse trends. (set a price alert).
Patterns : Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend : Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish).
Support and Resistance : Nearest Support Zone is $60, then $53. The nearest Resistance Zone is $70 (previous support), then $80, and $97.
