Aave’s governance token (AAVE) came under heavy selling pressure Thursday, briefly dipping below $270 as the broader crypto market weakened.
The DeFi bluechip fell 5% in early U.S. trading, marking a nearly 10% drop from this week’s high, before partially recovering to trade around $272 later in the session. Bitcoin hovered near $120,000, and the CoinDesk 20 Index declined more than 4%.
Technical Snapshot
CoinDesk Research highlighted bearish momentum, with the breakdown of $273 support triggering accelerated selling and failed recovery attempts confirming sustained pressure.
- Trading volume surged to 63,651 units, well above the 24-hour average of 31,013.
- Resistance formed at $280, capping upside attempts.
- Algorithmic liquidations were triggered following the support breakdown, amplifying the decline.
