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What you should know about where AAVE can cushion its losses
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
As the broader market continued to witness outflows following Bitcoin descent to $59,000, AAVE too followed wider consensus. However, the alt’s sell-off was rather brutal when compared to some of its counterparts. The last 24 hours saw AAVE shed 15% of its value as five straight red candles lined up on its 4-hour chart.
To cushion its losses, much responsibility fell on the 61.8% Fibonacci level. This also coincided with the 200-SMA (green) and Visible Range POC. Should the region hold off an extended decline, AAVE will find a resting ground before a bullish rebound.
Source: AAVE/USD, TradingView
Barring a single
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