Is $AAVE heading for a drop? Technical analysis is suggesting that a recent uptrend in the price is showing signs of exhaustion based on a classic bearish reversal pattern. (Reporting via bitcoinwallah)
The daily correlation coefficient between AAVE and the tech-heavy Nasdaq 100 stood at 0.91 as of May 17, underscoring that the two markets have been moving in a near-perfect tandem., including the recent 0.5% hike in benchmark interest rates, against rising inflation.Fear of continued sell-off remains as Wall Street veterans warn about a looming recession.
Similarly, Michael J. Wilson, Morgan Stanley’s chief U.S. equity strategist and chief information officerthe same catalysts while predicting a 15% decline in the benchmark S&P 500 index. As a result of its correlation with cryptocurrency, AAVE also risks similar downside moves heading further into 2022.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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