Brief Analysis——AAVE
BTC fell yesterday and returned to the price before the pump. Affected by SEC, many tokens have experienced decline. The energy of Grayscale's victory was exhausted. Today's brief analysis will continue to review tokens that have been analyzed in the past. We chose NEAR and AAVE today.
As we expected, AAVE fell further after our last brief analysis. During the rebound in early August, the performance of the bulls was weak, and the price quickly came to the lows in June.
After the last round of decline, the bulls still have not strengthened, and the trading volume is almost half that of the previous two weeks. The nearly half-month rebound only covered the long red candle of Aug.17. The same as NEAR, when the entire market begins to rise, it is difficult for AAVE's bulls to strengthen (the slope of the green arrow is flat), but when the entire market begins to decline, the bears of NEAR was stronger than most tokens. On Wednesday, the bears' attack started again, and the price quickly approached 55, which is a support level.
Conclusion: The high probability decline has not ended. Although AAVE remains neutral on a large scale, you can clearly see the gap between bears and bulls from the chart. The bulls may strengthen after price approaches 55, but a reversal is unlikely. We set new resistance level at 60 and support level at 50.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
As we expected, AAVE fell further after our last brief analysis. During the rebound in early August, the performance of the bulls was weak, and the price quickly came to the lows in June.
After the last round of decline, the bulls still have not strengthened, and the trading volume is almost half that of the previous two weeks. The nearly half-month rebound only covered the long red candle of Aug.17. The same as NEAR, when the entire market begins to rise, it is difficult for AAVE's bulls to strengthen (the slope of the green arrow is flat), but when the entire market begins to decline, the bears of NEAR was stronger than most tokens. On Wednesday, the bears' attack started again, and the price quickly approached 55, which is a support level.
Conclusion: The high probability decline has not ended. Although AAVE remains neutral on a large scale, you can clearly see the gap between bears and bulls from the chart. The bulls may strengthen after price approaches 55, but a reversal is unlikely. We set new resistance level at 60 and support level at 50.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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