AAVE extended its bearish momentum, with price dropping to the June low of $50.
17% fall within the past 48 hours sunk it to the June lows of $47 – $51. If BTC continues its dwindling price action, AAVE could retreat lower as sellers seek more ground.AAVE’s market structure flipped bearish on the 12-hour timeframe after sellers broke the bullish lower at the start of August. The bearish trendline kept price trending lower, although bulls put up a defense at the $61 support level.
Despite buyers’ best efforts, sellers took advantage of the bearish market over the past 48 hours to break below the support and extend the bearish momentum. This saw AAVE briefly touch the $51 support before retracing to trade at $55.9, as of press time. Furthermore, the lack of bullish strength was illustrated by the Relative Strength Index dropping into the oversold zone. This showed the strong bearish dominance. Likewise, the Chaikin Money Flow’s reading of -0.16 revealed significant capital outflows, hinting at capital preservation moves.
An extension of BTC’s bearish sentiment could see AAVE head toward $51 – $53 with such a move offering modest gains for sellers at the current price level. Alternatively, a bullish close above $61 will invalidate the bearish thesis, although bulls will have to scale the bearish trendline for sustained gains.
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