AAVE has been oscillating between $80 and $90 since mid-January, forming critical supply and demand zones on either end.
On the 12- hour chart, the RSI was 61, indicating that AAVE was still bullish and could attempt further upward movements. Similarly, the Money Flow Index rose sharply, indicating that accumulation was ongoing. But AAVE was approaching the supply zone at press time. Therefore, short traders could offload their holdings at the zone to lock in short-term gains. This could make AAVE drop lower to $84.5 or the demand zone below $80.
AAVE’s sideways structure may last until BTC’s strong price action after next week’s FOMC meeting. A bullish BTC will push AAVE to break above the range and target the pre-FTX level of $96.4 and the $100 zone. However, a break below the demand zone would invalidate the above bias. Such a downtrend could settle at $73.2.
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