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Rekt (rektarb.xyz)

Rekt

<p>Per crypto analyst Rekt Capital, AAVE has struggled to close above a critical resistance level of $146 on the weekly chart. In his recent analysis shared via X, the analyst emphasized that this resistance level is crucial for <a href="https://captainaltcoin.com/elite-crypto-trader-says-aave-price-is-strong-but-heres-why-its-not-a-buy/" target="_blank" rel="noopener noreferrer nofollow">AAVE’s breakout potential</a>.&nbsp;</p>
<p>Despite several attempts, AAVE has not been able to breach this zone, suggesting that bullish momentum is currently insufficient to drive a decisive move upward.</p>
<h2 class="wp-block-heading" id="strong-aave-failed-breakout-and-crucial-support-zones-strong"><strong>AAVE Failed Breakout and Crucial Support Zones</strong></h2>
<p>Rekt Capital’s chart focuses on AAVE’s resistance and support levels. The chart indicates that AAVE tested the $146 resistance multiple times but failed to close above it. This resistance zone, along with another key level at $138.59, has historically posed challenges for the token.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24AAVE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$AAVE</a><br><br>The Weekly Close above $146 was crucial but it wasn't to be<br><br>AAVE is not yet ready for a breakout<a href="https://twitter.com/hashtag/AAVE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#AAVE</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://t.co/4SBDvDQUQX" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4SBDvDQUQX</a> <a href="https://t.co/310mpgOBf1" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/310mpgOBf1</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1835686973614281072?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 16, 2024</a>
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<p>Failure to secure a weekly close above $146 implies AAVE is not yet ready for a breakout. On the downside, the $111.97 support level remains crucial for maintaining the current structure.&nbsp;</p>
<p>A breakdown below this point could signal further downside risk. Another support area between $74 and $90 has provided a demand zone for AAVE in recent months, offering a potential entry for bulls if the price retreats.</p>
<h2 class="wp-block-heading" id="strong-consolidation-phase-and-broader-market-context-strong"><strong>Consolidation Phase and Broader Market Context</strong></h2>
<p>AAVE has been consolidating around $110 and $146 after a prolonged downtrend from its 2021 peak. The token’s price dropped from over $700 to its current levels. This consolidation phase is critical for determining <a href="https://themarketperiodical.com/2024/09/16/can-aave-price-reach-200-level-with-optimistic-on-chain-metrics/" target="_blank" rel="noopener noreferrer nofollow">AAVE’s medium-term direction</a>.&nbsp;</p>
<p>A weekly close above $146 could lead to a bullish breakout, while continued rejections might push the price toward lower support zones. According to Rekt Capital, AAVE has created a falling wedge pattern, which usually denotes a bull market continuation.&nbsp;</p>
<p>However, he advises prudence as the price is still trapped inside the consolidation zone in the absence of a clear breakout.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/fantom-ftm-price-surge-analyst-predicts-potential-2x-run/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run</em></strong><br></a></p>
<h2 class="wp-block-heading" id="strong-potential-scenarios-and-price-targets-strong"><strong>Potential Scenarios and Price Targets</strong></h2>
<p>For AAVE to initiate a bullish breakout, a weekly close above $146 is necessary, with further confirmation coming from a push past $155 to $160. Should these levels be cleared, the next resistance target would be around $200.&nbsp;</p>
<p>Conversely, if AAVE breaks below $111.97, it may retest the lower support zones between $74 and $90. Further weakness could open the possibility of a drop to $52, as indicated on the chart shared by Rekt Capital.</p>
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<p>The post <a href="https://captainaltcoin.com/can-aave-price-break-through-146-resistance-analyst-predicts-key-levels-to-watch/" rel="noopener noreferrer nofollow">Can AAVE Price Break Through $146 Resistance? Analyst Predicts Key Levels to Watch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Can AAVE Price Break Through $146 Resistance? Analyst Predicts Key Levels to Watch

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