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AAVE retesting descending resistance line could provide opportunity

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AAVE has been hovering within a long-term resistance line after concluding July on a bullish trajectory. Its price has been treading near the same level for the last four days, seemingly unsure of the next move.It’s here to be noted that AAVE investors are currently stuck in limbo as the market contemplates the next move.A breakout above the current level means the next resistance level will be right above the $120 price zone.

However, the current resistance has been holding up quite well, hence a bearish retracement is still on the cards.Source: TradingViewAlthough AAVE has been hovering near the $100 price level for the last few days, the Money low indicator reveals significant outflows for the past two weeks.At press time, the RSI remained within the neutral range, and this may explain the lack of buying pressure despite the upside.On the other hand, the outflows do not explain the lack of downward pressure.

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