Aave Price Crashes 11% After Failing to Break $100 Resistance

Aave's price plummeted by 11.2% over the past 48 hours, following its failed attempt to break above the $100 resistance zone.

The DeFi token reached a high of $101.57 on July 31st but declined steadily since then, with Coinalyze data showing a 5% drop in Open Interest and a declining Spot CVD over the past few days.

According to TradingView charts, the swing structure on the 1-day chart was bearish, with the downward continuation confirmed in May when the previous swing low at $85.05 was breached and a new low at $57.83 was set.

The technical indicators also agreed with a bearish bias, showing strong capital outflows and a slowly declining AD indicator since April.