Like other crypto assets, LEND underwent a strong correction last week. The cryptocurrency came under pressure due to Bitcoin and Ethereum diving lower as the legacy market slipped. LEND also suffered from a short-term collapse in DeFi, caused by the exit of Chef Nomi from SushiSwap.
Analysts remain optimistic on the cryptocurrency, which is the native token of Aave, for a variety of fundamental and technical reasons.
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A fractal analysis first noticed by a leading cryptocurrency trader suggests that LEND will surge over 100% in the months to come.
The fractal suggests that LEND’s macro price action looks similar to gold’s price action since the abolishment of the gold standard. The comparison suggests that LEND is on the verge of a parabolic growth trend, having consolidated after an initial uptrend.
Chart of LEND’s price