AAVE hit a crucial demand and confluence zone which could present buying opportunity, but ...
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionHowever, the futures market sentiment remained in a bearish territory.has exposed most altcoins to bears’ wrath. AAVE sustained sell pressure in mid-July, dropping from a new Q3 high of $88. But AAVE entered a price consolidation between $69 – $76, cushioning it from extra losses.In the meantime, BTC was yet to reclaim the previous range-low of $29.
In addition, the above confluence area also aligns with a daily chart bullish order block of $66.5 – $70.7 . So, bulls could see respite at the zone, allowing them to re-target the range-high of $75.76, especially if BTC doesn’t record further losses in the coming hours/days. If so, buying at the confluence area could offer a good risk ratio, with the immediate target at the range-high .However, price chart indicators flashed negative at the time of writing. The Relative Strength Index was below the neutral level, while Chaikin Money Flow was below zero, demonstrating muted demand and capital inflows. It calls for caution before considering the above bullish set-up.The futures market also recorded muted demand at the time of writing.
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