The native token of Avalanche blockchain, AVAX, has experienced a significant decline, falling by 15% over the past week.
In the last 24 hours alone, AVAX has seen a decrease of 3.53%, lowering its price to $24.48 and its market capitalization to $9.63 billion.
Furthermore, the cryptocurrency of Avalanche has plummeted by 36% in the past month, reaching levels unseen since December 2023.
Crypto analyst Patel highlights a “head and shoulders” pattern in AVAX’s chart, indicating a strong bearish trend. He expects a potential decline of 40-60%, targeting prices of $19 and $13.
AVAX/USDT Chart Analysis:
$AVAX is forming a head & shoulder pattern. The NECK LINE support is broken, indicating a bearish trend.
Expecting a 40%-60% downside move. Targets: $19 & $13.
Not saying don’t open long scalps, but use strict stop loss. Trade wisely!
#Crypto
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pic.twitter.com/FFetHS2GZc
— 加密帕特爾 (@CryptoPatel)
June 23, 2024
The expert advises investors to be cautious when taking long positions after this correction and recommends setting strict exit levels (stop loss) for Avalanche trades.
Read more:
金磚五國: 比特幣可能徹底改變世界金融 – 國際貨幣基金組織 (Brick Five Countries: Bitcoin Could Completely Change World Finance – International Monetary Fund)
The recent price drop of AVAX seems to be due to whale activity, particularly from a wallet (“0x32…4f30”) that transferred 1.96 million AVAX tokens to major exchanges such as Binance, Coinbase, and Gate.
The value of these transfers amounts to approximately $54.2 million at the time of the transaction and has been facilitated through cross-chain bridges like THORChain. This bearish move pushed Avalanche’s market capitalization below $10 billion, lagging behind altcoins such as Tron (TRX) and Shiba Inu (SHIB). Since mid-March, the network has lost nearly $14 billion in value amidst recent deep corrections.
