AAVE finds support at a Fibonacci retracement zone
$AAVE has been correcting lower for a couple of weeks. Since its high in the last days of 2021, this cryptocurrency has corrected from about $300 down to nearly $200.
What is interesting about this decline is that it was holding inside this downward sloping green trend channel.
Then, earlier this week, found support at this channel before falling further when the Fed minutes were released. Now, $AAVE is parked on top of the 61.8% Fibonacci retracement level from the December rally. If another rally is going to spark, this is a common place it would begin from. If prices jump up back inside the green trend channel, then that will be a clue that a larger rally may develop up to $240 and possibly $270.
Good luck!
What is interesting about this decline is that it was holding inside this downward sloping green trend channel.
Then, earlier this week, found support at this channel before falling further when the Fed minutes were released. Now, $AAVE is parked on top of the 61.8% Fibonacci retracement level from the December rally. If another rally is going to spark, this is a common place it would begin from. If prices jump up back inside the green trend channel, then that will be a clue that a larger rally may develop up to $240 and possibly $270.
Good luck!
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