AAVE (AAVE) technical analysis:
Trade setup: Bearish breakout from Channel Up pattern and below 200-day Moving Average ($72). Price appears to have resumed its downtrend.
Pattern: Price was trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $65, which it broke, then $50. The nearest Resistance Zone is $80, then $95.
Trade setup: Bearish breakout from Channel Up pattern and below 200-day Moving Average ($72). Price appears to have resumed its downtrend.
Pattern: Price was trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $65, which it broke, then $50. The nearest Resistance Zone is $80, then $95.