Avalanche Experiences Significant Market Value Drop
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jun 22 2024- Avalanche Experiences Significant Market Value Drop: AVAX cryptocurrency faced a 9.5% drop in market value within 24 hours, causing concerns among investors and analysts. It is currently priced at $25.07, close to the critical support level of $23.34, indicating potential further downside.
- What Caused the Sudden Decline?: The sudden drop in AVAX's value is attributed to the transfer of 1.96 million AVAX by an entity named "0x32…4f30," worth around $54.2 million, between exchanges like Coinbase, Binance, and Gate using cross-chain bridges like THORChain.
- Analysts' View on the Transfer: Analysts see this large-scale transfer as a significant factor worsening bearish sentiment around AVAX. The market reacted swiftly and negatively due to concerns about potential sales and increased supply reaching exchanges.
- AVAX Retracted Sharply After Reaching $65 in 2024: Despite showing strong performance earlier in the year, AVAX struggled to maintain its upward momentum since May 23 when it was priced at $38.31. The recent decline brings disappointments for investors.
- Investors' Advice: Investors are advised to closely monitor AVAX's critical support level of $23.34. If the price falls below this level, there could be a further deepening of the decline.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
