Aave price risks a 25% plunge as a classic bearish reversal pattern emerges By Cointelegraph

Aave price risks a 25% plunge as a classic bearish reversal pattern emerges

Cryptocurrency May 18, 2022 06:20AM ET

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Aave price risks a 25% plunge as a classic bearish reversal pattern emerges

Technical analysis suggests that a recent uptrend in the price of Aave (AAVE) is showing signs of exhaustion based on early development of a classic bearish reversal pattern.

Dubbed a "rising wedge," the pattern surfaces when the price rises inside a range defined by two ascending, converging trendlines. As it happens, the trading volume declines, pointing to a lack of conviction among traders when additional buying is needed for continued upside momentum.

AAVE/USD four-hour price chart featuring 'rising wedge' setup. Source: TradingView

AAVE/USD daily correlation coefficient with Nasdaq 100. Source: TradingView

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Aave price risks a 25% plunge as a classic bearish reversal pattern emerges

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