Aave price risks a 25% plunge as a classic bearish reversal pattern emerges
Cointelegraph
Published May 18, 2022 04:45AM ET
Updated May 18, 2022 06:20AM ET
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.
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Written By: Cointelegraph
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