The cryptocurrency AAVE has experienced a 7.13% drop in its price over just three days and 21 hours. This has led many traders and investors to wonder about the future of the cryptocurrency.
In a recent video, JB discusses the price action and analysis of AAVE on various time frames, focusing on potential patterns and market moves.
Elliot Wave Theory and Smart Money Concepts
JB considers Elliott Wave Theory and smart money concepts when analyzing AAVE price movements. Elliott Wave Theory is a technical analysis tool that can be used to predict the future price movements of an asset. Smart money concepts refer to the trading strategies and techniques used by professional traders and investors.
JB examines the one-hour chart for AAVE and discusses a possible move to the downside. JB suggests that AAVE could experience a corrective phase before resuming its upward trend. Potential price levels for corrections and rebounds are also mentioned.
The video also delves into the one-day chart for AAVE, discussing target areas and potential bear market lows. JB suggests that AAVE could find support at the $100 price level if it experiences a further decline.
JB speculates on AAVE future potential, mentioning the possibility of reaching $1,000. However, JB also cautions that AAVE is a volatile asset, and investors should carefully manage their risk.
Overall, JB suggests that AAVE is likely to experience a corrective phase in the near term. However, JB remains bullish on AAVE long-term potential. Investors should carefully monitor the market and manage their risk accordingly.