Hello friends, today I am reviewing the 4H chart for AAVE, a crypto altcoin on a linear scale.
In the chart I noted: 1) The price has been in a descending channel since November 9, 2021. 2) The price hit the bottom long term trendline multiple times on November 18, 2021. 3) The price target for the breakout is around $304, which is a 10% upside. This is also a resistance area. 4) If the price can breakout of the resistance area, it could go as high as $347 or about 25% upside. 5) The Ichimoku Cloud is holding the price down so we may not immediately touch the top of the trendline. 6) The RSI (relative strength index) just broke out of a multi-day trend out of the oversold area. 7) The volume seems very low.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Nice chart mate. I'm feeling lil bearish for few more days honestly; since the overall market is in a downtrend, but I also spotted the bullish divergence. maybe it's coming soon!
MillionaireEconomics
⋅
@krnflyboy, I agree that we may have a bit of downside coming up as the whole market is waiting for BTC to make a move. If the price goes below the bottom trendline which has been a multi-month support, then we may see more of a downturn. One observation I am noticing is all the large DeFi coins are ready to make a move soon, so let's hope for DeFi season to come back.
KlejdiCuni
⋅
That channel looks really solid. Thanks for sharing!
MillionaireEconomics
⋅
@KlejdiCuni, Thank you. I really appreciate it. Your ideas are great as well!