Aave Token Price Drops 4% Amid Bearish Trend

Aave's token price took a hit yesterday, falling 4% in 24 hours after failing to break through the $100 resistance level.

The price dropped from $101.57 to $97.23, indicating a bearish trend in the market.

This decline is accompanied by decreasing Open Interest and negative Funding Rates, which signal a shift in investor sentiment towards selling.

Aave plans to cut low-adoption assets and reduce chain deployments as part of its strategic shifts, further contributing to the bearish sentiment.

According to technical indicators, key support for Aave's price is at $88; if breached, prices could plummet toward $83 and $72.