Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• AAVE price slumped below $69 amidst heavy macro headwinds. 
• Range-bound extension on the cards ahead of US Jobs reports.

Aave [AAVE] sustained more losses from mid-July due to increasing market uncertainty. Notably, macro headwinds like shrinking global liquidity and the recent Fitch Ratings’ US credit downgrade have worried some investors. 

Is your portfolio green? Check out the AAVE Profit Calculator 

Over the same period, AAVE dropped from $88 to around $63 since mid-July, a >25% loss. Consequently, Bitcoin [BTC] recorded losses, too. At the time of writing, BTC was below the range-low of $29.5k, reinforcing a likely bears’ leverage into the weekend. 

But the July US Jobs report, scheduled for 4 August 2023, could induce some little volatility into the weekend.  

Further weakening after a breach of $69 support

AAVE higher timeframe charts, especially the H12, weakened further after price action breached a key bullish order block (OB). The previous D1 bullish OB of $66.5 – $71 (cyan) aligned with support in March/April/ May of $68.95 but was flipped to a bearish breaker.

The move reinforces the sellers’ e

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Author: Benjamin Njiri

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