A price of a competitive intraday rebound of the level of $ 240 in the middle of whale intake, but fading momentum indicators suggest that the recovery can be confronted, unless the most important support is maintained.
Aave (Aave) Prize today saw a strong rebound and bounced the most important support level of $ 240 after a sharp fall of $ 264 yesterday. The move seems to be powered by whale activity, with activity on chains that suggest that large holders buy the dip in size.
According to Data from LookonchainTwo large whale portfolios gathered a combined 29,739 Aave – worth around $ 7.5 million – in the last 14 hours. One of them borrowed $ 5 million in USD Coin (USDC) from the Aave protocol to buy 19,608 Aave, which brought his total interests to 280,673 Aave. The other whale borrowed $ 2.5 million in GHO not to acquire 10,131 Aave any hours ago, causing his total interests to 120,513 Aave.
Although buying whales is a bullish sign, technical indicators show signs of weakness.
Looking at the daily graph, a price now tests an important support zone around $ 248 – $ 250, which coincides with the EMA 20.
Despite the wider bullish structure with higher highlights and higher lows since April, momentum indicators show signs of weakness. The MACD is bear -like crossed with an ever -increasing negative histogram and the RSI has been rejected from overbough tonditions, which is now just above 50 floating, which suggests that Bullish Momentum fades, although not completely broken.
A closure below $ 248 could continue to activate, with potential goals at $ 235 and $ 220, both of which served as earlier support and consolidation zones. However, if the current support applies, Bulls can try to reclaim higher levels, with a large resistance around $ 280. The trend in the medium term will remain bullish, but the current support test will probably determine whether this is a healthy withdrawal or the start of a deeper correction.
