AAVE Price News: Plunges 5% Below Key Support Amid Crypto Weakness

Aave's governance token, AAVE, has experienced significant selling pressure, dropping below the $270 level and falling 5% in early trading on Thursday, contributing to a nearly 10% decline since the week's high. The decline was precipitated by a broader market downturn where Bitcoin tested levels below $120,000. Technical analysis indicates a bearish trend for AAVE, with the price action revealing persistent selling pressure following the breach of the key support at $273. This triggered further selling and algorithmic liquidation, as recovery attempts encountered resistance. Trading volume rose sharply to 63,651 units, indicating heightened investor activity. As of later trading, AAVE managed to modestly recover to around $272 amid continued market volatility.

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