Avalanche (AVAX) Price Dips 10% After Major Sell-Off Concerns
- Avalanche (AVAX) sees a 10% price drop in 24 hours, hitting $24.86, its lowest this year.
- The price fell as an entity transferred 1.96 million AVAX, worth $54.2 million, across exchanges like Coinbase and Binance.
Avalanche (AVAX), one of the leading large-cap cryptocurrencies, has displayed a significant drop of over 10% in the past 24 hours, marking it as the top loser among major digital assets. The price of AVAX has plummeted from a recent high of $27.90 to $24.86, reaching its lowest point this year. This decline draws a substantial decrease of approximately 60% from its yearly peak of $60.69.
The steep fall in AVAXs value comes amid a substantial selloff reported by ZachXBT, a well-known crypto analyst. According to ZachXBT, an entity using the wallet address 0x32794f30 transferred about 1.96 million AVAX tokens, valued at $54.2 million, to various cryptocurrency exchanges including Coinbase, Binance, and Gate. These transactions, facilitated by cross-chain bridges such as THORChain, have exerted significant downward pressure on the price of AVAX, resulting in a sudden 10% drop.
At the time of writing, Avalanche is trading at $25.20, with a market cap of $9.92 billion. Despite the price decline, AVAXs daily trading volume has surged by over 109%, reaching $509 million. This increased trading activity highlights the markets heightened response to the recent selloff.
Can Avalanche (AVAX) Price Bounce Back?
If the downward trend persists, AVAX may fall further to a critical support level of $23. A breach of this level could push the price down to $20, a value last seen in November 2023. Such a drop could potentially trigger further declines, with the price possibly sinking to $18.43.
Conversely, if Avalanche can maintain its current price of around $25, it might initiate a new upward trend toward $28. Reaching this level could pave the way for further gains, potentially climbing to $30. A sustained rally could stabilize AVAX around $35, with the possibility of advancing the range to $40 and even $50 in the longer term.
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Read more: https://thenewscrypto.com/avalanche-avax-price-dips-10-after-major-sell-off-concerns/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
