AAVE Price News: Plunges 5% Below Key Support Amid Crypto Weakness
AAVE's governance token dropped below $270 amid significant selling pressure, experiencing a 5% decline on Thursday and nearly 10% from its weekly high. The decline was exacerbated by overall crypto market weakness, with Bitcoin also on the verge of breaking below $120,000. Technical analysis indicated bearish momentum, triggering additional algorithmic liquidation after losing key support at $273. The token recovered slightly to around $272 later but remained under pressure with failed recovery attempts signaling continued selling pressure. Trading volume surpassed 63,000 units, significantly above the average, reflecting heightened market activity. The primary resistance level is now set at $280. The broader cryptocurrency market saw declines of over 4%, with several other tokens like Chainlink and XLM also encountering similar selling pressures, indicating a pervasive downturn across the market.
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