AAVE has fallen below the support level of criticism.

Aave's Governance Token AAVE is Experiencing a Decline

Aave (AAVE) governance token has faced significant selling pressure over the past 24 hours, dropping below the $270 level. In Thursday's trading, the token saw a %5 decline, trading approximately %10 lower from its peak this week.

During the day, especially within U.S. hours, a modest recovery occurred, with AAVE trading around $272. However, these price movements indicate a weak session in the overall cryptocurrency market, particularly with the potential for Bitcoin to fall below $120,000. The CoinDesk 20 Index showed a decline of more than %4 throughout the day.

Technical Analysis and Selling Pressure

Technical analysis indicates a bear market for AAVE. According to the CoinDesk Research analysis model, losing the $273 level triggered a wave of selling, accelerating the decline. Subsequent attempts at recovery were unsuccessful, confirming the continuation of persistent selling pressure.

Important Technical Indicators

Trading volume surged to 63,651 units, significantly exceeding the 24-hour average of 31,013 units. Technical resistance was observed at the $280.00 level. Falling below the critical support level of $273.00 triggered additional algorithmic liquidations. Various attempts at recovery failed and sustained today's selling pressure.