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AAVE under pressure – Will the altcoin drop 18%, reach $290?
Aave [AAVE] appears to be under immense pressure as it has been forming a bearish price action pattern, signaling a potential decline in its value. The cryptocurrency is likely to experience a significant downturn in the near future.
Market sentiment and on-chain data indicate that AAVE’s value may drop by 18% to reach the $290 mark. This prediction is based on the chart analysis of TradingView, which reveals a bearish divergence and a double-top price action pattern.
It has been observed that exchanges have seen an influx of over $5.2 million worth of AAVE, indicating a potential selling pressure. This trend aligns with the current short positions held by traders, which stands at 58.9%, while long-term holders hold 41.10%.
Source: ambcrypto.com
