- AAVE Crypto’s technical analysis suggests the potential for bullish momentum with a notable five-wave pattern and robust support levels.
- The coin has successfully achieved its $70-$75 target range, though a cautious outlook remains due to the possibility of a second-wave pullback.
- The crypto market is on high alert as uncertainty prevails; traders are closely monitoring AAVE’s price action, with both bullish and bearish scenarios in play.
In a recent YouTube video update, AAVE crypto enthusiasts were treated to a comprehensive technical analysis that left many excited about the coin’s future price movements. The video, titled “AAVE Crypto Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!” had viewers on the edge of their seats as the analyst dove into the nitty-gritty of AAVE’s chart.
In the video, the enthusiastic presenter started by discussing the AAVE chart, pointing out a potential five-wave move to the upside. While admitting that it may not be the most perfect pattern, the presenter confidently highlighted the five waves, suggesting that the support levels had held strong. This observation adhered to the price channel, indicating a positive trend.
The video referenced a previous prediction, where the presenter had stated a target range for the fifth wave between $70 and $75. Astonishingly, this target range was met, and now the presenter was closely monitoring the market for a potential pullback in a wave 2. However, it was emphasized that it was still too early to confirm the start of this wave two.
If a pullback were to occur, the video noted that a support area between $63 and $54 would be a crucial zone to watch for a bullish reaction. The presenter’s optimism for a third wave rally was evident, even suggesting that a bearish scenario might lead to a retreat to around $30 or $40.
The video underscored the importance of the bullish count for the time being, with the presenter defining the support area as being between $54 and $63. However, it was noted that the $63 level might not be the most reliable pullback zone, as it would result in a shallow wave two. Normally, a wave two would ideally retrace at least 50%, which would equate to around $60 and $63.
The presenter explained the expected structure of a wave two, which typically consists of an ABC pattern. The A-wave often bounces off the $63 level or the 38.2% Fibonacci retracement level, which was an important consideration.
Further analysis discussed the potential movements of the A, B, and C waves within the wave two, leading to a projected third wave rally. Attention was directed towards the end of the C wave, as it typically comes down rapidly, especially if the peak occurred within a price channel.
The video cautioned that the crypto market could introduce unpredictability with a possible WXY structure for the C wave. Therefore, the presenter advised vigilance and attention to any impulsive reactions in the market.
Cryptocurrency enthusiasts and traders were encouraged to stay tuned for further updates and to consider channel membership for more in-depth analysis. The video concluded with a call to action, inviting viewers to like, comment, subscribe, and join the community in this exciting journey through the crypto market.
In closing, the video summarized the current situation, acknowledging that it was still too early to definitively call a top for wave one. However, the possibility of a bullish trend remained, contingent on the wave two holding a higher low and guidance from Fibonacci levels.
