AAVE Holds Key Support at $88.38 Amid 7% Price Drop

AAVE has been experiencing a decline in price, dropping 7% to $90.93 after touching $90.80 intraday.

This drop has put AAVE below its 7-day, 20-day, and 200-day simple moving averages simultaneously, making it an attractive point for algo sellers.

The only technical support visible right now is the confluence of the 50-day SMA at $88.17 and the immediate support level at $88.38.

Top traders on Binance futures are positioned 61% long with a ratio of 1.56, indicating that they're not flinching at the current price, while retail flow is actively selling into those institutional bids.