Plunges 5% Below Key Support Amid Crypto Weakness
The governance token of the prominent decentralized lending protocol Aave has faced substantial selling pressure through the past 24 hours, dipping briefly below the $270 level.
The DeFi bluechip plunged 5% in the early Thursday session, sliding nearly 10% lower since this week’s high. It has modestly recovered later in the day U.S. hours, changing hands at around $272.
The price action occurred amid a weak session for cryptocurrencies with bitcoin on the verge of breaking below $120,000. The broad market CoinDesk 20 Index was down more than 4% during the day.
The technical picture shows bearish momentum for the DeFi major, CoinDesk Research’s analysis model suggested.
Losing key support at $273 triggered a cascade of selling,…
