AAVE experienced a brief breakout above $280 but quickly corrected amid Bitcoin’s price rejection and increased market selling pressure.
The altcoin’s price action suggests a potential retracement to key support levels around $260 and possibly $240 in the near term.
According to COINOTAG, “AAVE’s weekly chart indicates a critical range-bound phase, with the 50% retracement level at $262 acting as a pivotal resistance point.”
AAVE’s recent breakout faltered as Bitcoin’s correction triggered selling pressure, pushing prices toward $260 and highlighting critical support zones.
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The weekly chart of AAVE reveals a significant rally in late 2024 followed by a sharp decline in early 2025, erasing all prior gains and returning the price to the $125 support level. This volatility underscores the altcoin’s susceptibility to broader market trends, particularly Bitcoin’s performance. However, the formation of a potential trading range between $125 and $380-$400 suggests consolidation, which could set the stage for future upward momentum. The 50% retracement level at $262 has emerged as a crucial resistance point, with the recent breakout above $280 signaling renewed bullish interest. A weekly close above this threshold would bolster confidence among investors, supported by an increasing On-Balance Volume (OBV) since April, indicating accumulation by market participants.
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Source: https://en.coinotag.com/bitcoin-price-pressure-may-lead-aave-to-test-240-support-amid-market-uncertainty/