Thursday 19 May 2022
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24 Exchange, the OTC platform established by the Founder of Fastmatch, Dmitri Galinov, has announced that its new subsidiary business, 24 Exchange Broker Limited, has obtained a license from the Be...

24 Exchange Obtains License to Start Trading in Crypto Spot in Bermuda

24 Exchange, the OTC platform established by the Founder of Fastmatch, Dmitri Galinov, has announced that its new subsidiary business, 24 Exchange Broker Limited, has obtained a license from the Be…

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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. Is AAVE headed to $70?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. Therefore, falling wedges typically result in a bearish breakout where the price breaks below the pattern's lower trendline and falls by as much as the maximum distance between the wedge's upper and lower trendline. AAVE has been painting a similar pattern amid its sharp upside move from nearly $61.50 on May 12 to over $93.50 on May 17. If a sustained breakdown pans out, AAVE will fall by at least $27, which is the wedge's maximum height, as shown in the chart below. AAVE/USD four-hour price chart..

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