AAVE’s governance token has plunged significantly, trading below 270 USD. In early Thursday trading, it slid 5% and has fallen nearly 10% since earlier this week.
The broader cryptocurrency market is also displaying weakness. Bitcoin is nearing the 120,000 USD support level, contributing to a decline in the CoinDesk 20 Index by over 4%.
Technical indicators point to bearish trends for AAVE. Losing key support at 273 USD led to increased selling pressure and unsuccessful recovery attempts.
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