AAVE Dey Test $278 Support Amidst Bearish Pressure We Dey Below $300
AAVE dey trade for under $300 afta e reject for $336, e dey face beta bearish pressure. Bearish engulfing candle formation show say momentum don shift, e push price under $317 support plus e settle near $296. Immediate support dey for $290, but di critical level to watch na $278. If e break under $278 well well, e fit expose next support for $231. Bulls dey point to ascending parallel channel wey don dey since April, wey get higher lows plus three rounded bottom pattern around $160, $200, plus $260. If breakout pass $336 resistance, e fit target $360–$400, eupaka long-term uptrend. But if AAVE no fit reclaim $317–$320 zone, bearish control fit take over short-term price action. Fundamentals still strong: AAVE don pass $3 trillion for lifetime deposits and reach record $25 billion for active borrows. Coinbase’s Stablecoin Bootstrap Fund don also put liquidity, e steady capital market. Traders make dem dey watch $278 support and $336 resistance to know di next move.
Bearish
Short-term technical indicators for AAVE don turn negative afta one bearish engulfing candle for $336, wey make e break di $317 and $300 support levels. Di next wahala na for $278; if e drop below dis level, e fit cause more selling till e reach $231. For history, AAVE don dey bounce for key supports, but if e dey fail for resistance again and again, e go often lead to correction phase. Even though di ascending channel since April and the strong fundamentals—$3 trillion in deposits and $25 billion in borrows—give long-term support, di immediate price action fit still dey under bearish control unless AAVE fit reclaim $317–$320. So, di market impact wey dem expect na bearish, as traders fit reduce dia long positions or increase shorts until better bullish signals show.