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Technical Breakdown Suggests Short Entry on AAVEUSDT at $260
A short position is being considered on #AAVEUSDT starting at $260 with a $268 stop loss. Over the past week, the price has moved sideways, failing to reach a new hourly high and breaking a downward trend line to the short side. There has been increased selling activity locally. There is a clear series of lower lows, indicating unresolved liquidity that could be absorbed. The expectation is for the price to decline toward the support of this sideways channel, breaking the cascade of lower lows, with a target around $243 for profit-taking. This setup suggests a potential downward move based on recent price action and liquidity consideration.
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AI Analysis
The current technical analysis of AAVEUSDT indicates a consolidative phase lasting about a week, characterized by sideways price action. The inability to surpass the recent hourly maxima suggests weak...
AI Recommendation
Based on the technical analysis, taking a short position on AAVEUSDT at around $260 seems justified, especially if the price confirms the break of the cascade and support levels. Traders should set a ...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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