The native token of Avalanche blockchain, AVAX, has experienced a significant drop of 15% in the past week. In the last 24 hours alone, AVAX has dropped by 3.53%, bringing its price down to $24.48 and its market capitalization to $963 million.
Furthermore, the cryptocurrency Avalanche has plummeted by 36% in the past month, reaching its highest level since September 2023.
Cryptocurrency analyst Patel highlighted the “head and shoulders” pattern on the AVAX chart, indicating a strong bearish trend. He predicts a potential decline of 40-60% with target prices at $19 and $13.
AVAX/USDT chart analysis:
$AVAX
Forming a head and shoulders pattern. Neckline support has been broken, indicating a bearish trend.
Expected decline of 40%-60%. Targets: $19 and $13.
Not saying don’t go long, but stop loss strictly. Trade wisely!
#Crypto
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pic.twitter.com/FFetHS2GZc
– CryptoPatel (@CryptoPatel)
June 23, 2024
Experts advise investors to be cautious about going long after this adjustment and recommend setting strict stop-loss levels for Avalanche trades.
Read more:
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The recent drop in AVAX price seems to be caused by whale activity, particularly from wallets that transferred 10,000 AVAX tokens to major exchanges such as Binance, Coinbase, and Gate (“32×4…30f1.96”).
These transfers were valued at approximately $542,000 and utilized cross-chain bridges like THORChain. This bearish move caused Avalanche’s market capitalization to fall below $1 billion, lagging behind cryptocurrencies like Tron (TRX) and Shiba Inu (SHIB). The network has lost nearly $2 billion in value since mid-October.
