AAVE price has witnessed a sharp decrease due to a broader decrease in the market not long ago. Altcryptogems prominent analyst Sjuul from Altcryptogems on X that the price of the distinctive symbol showed signs of stability near the critical support area. However, the situation is still not certain because the market is awaiting confirmation of the next step.
SJUUL stressed that the AAVE price is integrating the main support level, but it warned the merchants of the possibility of re -testing the decline in broken resistance previously. He suggested that accepting prices higher than this resistance level can indicate a potential upward reflection.
Support and resistance determines the current AAVE position
AAVE shed light on the horizontal support area that has been tested again and again, indicating a strong purchase interest in this field. However, the price remains close to this support, indicating that the decisive step may be imminent.
The red horizontal line on the graph represents a previous support level that now works as resistance. This level, which was broken during the last market decline, is crucial to recover AAVE prices. The graph also displays a possible bullish scenario, where the price can restore this level and continue to rise.
Merchants must closely monitor this resistance, because rejection here can lead to more negative side, while a break and contract over it may raise renewed optimism.
Market morale to frequency
Moreover, the graph indicates that the AAVE market morale is still not decisive. The price has a round lower pattern, often indicating monotheism, as it hovers near support. This monotheism indicates a temporary stopping in the landfill, but it also reflects the uncertainty among merchants regarding the next direction of the distinctive symbol.
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Whether the AAVE price exceeds resistance or decrease without support, it is likely that the tone of the next direction of AAVE. The artistic chart and tweet highlight the importance of these levels in shaping the distinctive symbol path.
The analysis confirms two potential scenarios of AAVE: The upcoming outbreak if the price restores the resistance or continues to decline in the event of support failure. Currently, merchants are recommended to monitor the confirmation of the price direction before making decisions. These levels will remain crucial indicators AAVE price performance in the future.
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