The steering token for the prominent decentralized lending protocol -aave has been subjected to significant sales pressure over the last 24 hours and dipped short below the $ 270 level.
Defi Bluechip threw 5% in the early Thursday session and slid almost 10% lower since this week’s high. It is modestly recovered later in the day us hours and changes hands of about $ 272.
Price action took place in the middle of a weak session for cryptocurrencies with bitcoin on the verge of breaking below $ 120,000. The wide market Coindesk 20 index was more than 4% down during the day.
The technical image shows the Bearish Momentum for the Defi Major, suggested Coindesk Research’s analysis model.
Losing key support for $ 273 triggered a cascade of sales and accelerated the fall. Subsequent recovery attempts proved to be successful, with the failed events confirming sustained sales pressure, the model suggested.
Key technical indicators
- Trade volume spiked to 63,651 units, essentially exceeding an average of 31,013 units.
- Technical resistance established at $ 280.00 level.
- Division under critical support for $ 273.00 triggered additional algorithmic liquidation.
- Several recovery attempts failed, indicating sustained sales pressure.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
