For the past 7 months, AEVO has ranged between $0.60 and $0.25. It seems to have broken below this range, creating a new low. However, for those with patience, this presents an ideal setup for a long position in this coin.
At the moment, market psychology suggests the following:
Traders who bought at the support zone are now losing money and likely closing their positions or even opening shorts, adding liquidity.
Meanwhile, whales that shorted from $0.64 down to the current levels are likely accumulating below support.
These whales could push the price higher to liquidate short positions.
As the price rises, short sellers may be forced to close in losses or add to their losing positions, creating further fuel for an upward move.
If the price re-enters the range, this would confirm that the breakdown was just a stop hunt, signaling a good opportunity to open a long-term position.
At the moment, market psychology suggests the following:
Traders who bought at the support zone are now losing money and likely closing their positions or even opening shorts, adding liquidity.
Meanwhile, whales that shorted from $0.64 down to the current levels are likely accumulating below support.
These whales could push the price higher to liquidate short positions.
As the price rises, short sellers may be forced to close in losses or add to their losing positions, creating further fuel for an upward move.
If the price re-enters the range, this would confirm that the breakdown was just a stop hunt, signaling a good opportunity to open a long-term position.
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