AAve Neared Crucial Resistance With More Signs Of Stalling

Aave neared a crucial resistance level after the token got stuck in a slow and steady uptrend over the past few days and weeks. The token was one of the beneficiaries of the rebound on the Defi market since it was initially caught in a firm downtrend so let’s read more in the latest crypto news today.

Aave has since reversed but the cryptocurrency is now struggling to maintain the momentum as it reached a critical resistance level which proves to be quite strong on multiple occasions. Further rejection at this level will be grace and could cause to see further downside but relative strength on the market today and on Defi as well, could help bolster it. The Defi market strength is surprising as Bitcoin was flashing signs of weakness while Aave, Chainlink, and Yearn.Finance is still stable today.

While looking at Aave’s price action, one analyst noted that he is closely watching to see how the price will react to a key resistance that has been suppressing the price over the past couple of months against Bitcoin’s trading pair. although he noted that the price could soon be stalling, he believes that its low time frame chart is looking bullish.

At the time of writing, Aave was trading up over 5% today with a current price of $56.50 which marks a notable upswing from the weekly lows of $26.00 which was set a few days ago. The immense rally from the lows stalled as soon as the price reached $60.00 and each test of the level over the past few days catalyzed more rejections. Unless it rallies over the past level which is another rejection here followed by a strong downside movement that could mark this a local top for the crypto asset.
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As Aave neared a crucial resistance level, one analyst explained in a recent tweet that he is watching this reaction against its Bitcoin trading pair. he  noted that while the high time frame rejection at this level could be significant, it is flashing some signs of bullishness on lower time frames:

 “AAVE: Impressive bounce, however it’s clear that we’re beginning to trend near HTF resistances. Real test will come at 0.0041 sats, personally I think that’s where price stalls. LTF still looks bullish.”

Where will it trend in the near-term will depend on how it reacts to the USD and BTC resistance levels in the upcoming days.