Aave [old]

<a href="https://www.blockhead.co/tag/aave/" rel="noopener noreferrer nofollow">AAVE’s</a> uptrend hit a price barrier around the $120 - $130 price zone. Since then, the altcoin has dipped in price with sellers driving the downtrend. However, the selling action has stalled at the $84 support level which was critical to its last bullish run in November 2023.This offers bulls an opportunity to reverse the price retracement and get back to the $100 price level. Here’s how you can profit from a bullish rebound from the $84 support level.Running on the Ethereum blockchain, Aave is a decentralised non-custodial liquidity market protocol where users can participate as suppliers or borrowers. The AAVE token is used for Aave Protocol governance. The token can also be staked within the protocol <a href="https://etherscan.io/token/0x4da27a545c0c5b758a6ba100e3a049001de870f5?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Safety Module</a> to provide security/insurance to the protocol/suppliers. Stakers earn staking rewards and fees from the protocol.<h3 id="buyers-can-leverage-this-support-level-for-bullish-rebound">Buyers Can Leverage This Support Level for Bullish Rebound</h3>A look at the previous price action by AAVE buyers showed the strength of the $84 support level. Price surged from this critical support level in November 2023 and a retest of the level produced another price jump above $100.Furthermore, the presence of a bullish order block at the $82 to $90 price zone strengthened the bullish position. However, the underlying signals from on-chart indicators remained negative, as of press time.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/84e1a3faf83e4750bfd84b7ba331e15d.png" />AAVE/USDT on TradingViewThe RSI (Relative Strength Index) stayed under the neutral 50 with a reading of 35. This hinted at the presence of existing selling pressure. Similarly, the capital inflow remained muted with a negative reading despite the CMF (Chaikin Money Flow) registering a spike from -0.26 to -0.10.As such, buyers looking to enter buy positions will have to exercise caution. A risk averse way to approach the buy entry will be to wait for a bullish candle close on the four-hour timeframe before entering the buy position.This will allow buyers to be positioned in the case of an extension of the selling pressure.Profit target for the potential buy lies at $100 which offers a 23% return from the current market price.Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Can AAVE Rebound From This Key Support Level?

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