AAVE is approaching a crucial support level at $92.15, with a potential risk of dropping to $63 if the $91.50 mark is breached. The cryptocurrency has seen a 0.66% decline over the past 24 hours, trading within a narrow range of $91.51 to $94.19. The DeFi sector's overall weakness, coupled with reduced lending and borrowing demand, is exerting pressure on AAVE, which remains below its short-term EMA20 at $95.67, indicating bearish momentum. Bitcoin's recent 2.35% rise to $78,329 is creating mixed signals for altcoins, with AAVE showing relative weakness against BTC. The altcoin's recovery potential is closely tied to Bitcoin's movements, with critical support and resistance levels at $91.50 and $94.11, respectively. A break below the support could lead to a significant drop, while a close above resistance may open the path to $101.94. Traders are advised to monitor these levels closely, as well as Bitcoin's influence on AAVE's price action.
AAVE Faces Critical Support Test Amid Downtrend
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