AAVE token faces a potential price correction according to an analysis by analyst Ali Charts. The asset's price of $135.55 may soon see a downturn, based on historical patterns and technical indicators.
A popular crypto trader is warning traders about a potential downturn in the price of AAVE. According to the trader, known as Ali Charts, a technical indicator on AAVE’s daily chart is signaling a potential price correction.
Ali highlighted this possibility in a recent tweet. He pointed out a recurring pattern on AAVE’s daily chart, where a specific technical indicator has previously indicated price drops.
Now, this indicator is once again signaling a potential sell-off in the AAVE price. Ali's analysis suggests that if this indication holds true, traders can expect an average correction of 27% in the token's price.
A Closer Look at Ali's Analysis
The analysis is based on the TD Sequential indicator, a tool used to identify potential trend reversals in financial markets. According to Ali, this indicator has displayed a sell signal on AAVE’s daily chart.
The last four times the TD Sequential flashed a sell signal on the #AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for $AAVE. pic.twitter.com/12yZwLT5tp
Moreover, Ali adds that the last four instances when the TD Sequential indicator flashed a sell signal on the AAVE daily chart, it preceded an average correction of 27%. He notes that the same sell signal is now appearing, suggesting a potential drop for AAVE.
This analysis provides an interesting perspective on AAVE's price movements, especially considering the token's recent price surge. According to CoinGecko data at press time, AAVE trades at $135.55, with a daily trading volume of $398,589,872. Despite a slight 0.94% dip in the last day, AAVE has seen a 28.14% rise over the past week.
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