Aave’s governance token (AAVE) faced intensified selling Thursday, briefly falling below the $270 mark amid broad cryptocurrency market weakness.
The DeFi bluechip dropped 5% in early U.S. trading, losing nearly 10% from this week’s high, before slightly rebounding to trade around $272 later in the session. The broader market also suffered, with Bitcoin hovering near $120,000 and the CoinDesk 20 Index down more than 4%.
Technical Overview
CoinDesk Research highlighted bearish momentum for AAVE. Breaking the $273 support level triggered accelerated selling, while subsequent recovery attempts failed to gain traction.
Key technical points include:
- Trading volume spiked to 63,651 units, more than double the 24-hour average of 31,013 units.
- Resistance formed at $280, capping upside attempts.
- Breakdown below $273 triggered algorithmic liquidations, reinforcing downward pressure.
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