Decision time for AAVE
AAVE has retraced below the 0.618 (170) from the falling wedge breakout move that began Mar 14 as is currently struggling to reclaim it. Importantly, we must watch for a rejection on the RSI as well. If we can get back above this point, there’s a good chance we’ll see the move continue to 325 or higher. If we can’t get above this level, we’ll be revisiting 115 and there’s a good chance we’ll see it fall below 100. Short term we’re truly at a crossroads, and we could see more pain before the gains, but long term I’m extremely bullish on AAVE. It’s been consolidating for nearly a year and is one of the few blue-chip projects that hasn’t seen a major move or new ATH since last year’s May crash (THETA is another). Whether or not we see new ATHs from current levels of further downside before doesn’t matter to me as I’ve been accumulating and am willing to hold and wait. As always, DYOR and trade based on your own timelines and risk tolerance.
