Aave Faces Crucial Test at $227 After $390 Rejection
Aave (AAVE) recently saw its price fall back sharply after failing to breach the $390 resistance. This barrier, untouched this year, acted as a major hurdle, leading to a significant pullback.
Now, attention shifts to $227, a crucial support level. This price point is where the 0.618 fibonacci retracement aligns with the current higher-low structure. Defending this point could prevent further losses and maintain Aave’s upward trajectory.
- Failure at $390 led to a swift correction.
- $227 combines Fibonacci retracement and higher-low support.
- Bullish volume is essential for sustaining the uptrend.
To ensure continued growth, Aave needs robust buying pressure. Previous rallies were supported by considerable volume surges.If these reappear, Aave could regain momentum and approach the $390 mark once more.
However, if Aave fails to hold at $227, the bullish pattern might weaken, potentially causing deeper declines. Investors should monitor the volume closely around this level to gauge future direction.
the coming days will be critical for Aave. A strong defense at $227, backed by substantial buying interest, could spark another rally towards the key resistance at $390. Conversely, a breakdown below $227 could herald a more extended downturn.
