As an experienced analyst, I believe that the current price action of AVAX is a result of bearish sentiment in the crypto market coupled with decreased investor interest. The significant decline in TVL on the Avalanche blockchain and the oversold condition of the RSI further confirm this trend. However, it’s important to note that AVAX has shown decent gains since June 2023, indicating potential for long-term investment.
Based on information from CoinMarketCap, AVAX‘s price has dropped by 5% over the past day and is now valued at $24.51. There has been a significant downturn in the altcoin’s price trend in recent months. Specifically, its value has decreased by 15% over the last week and 34.4% in the previous 30 days. However, AVAX has managed to register impressive gains since June 2023, amounting to an increase of 86.11%.
As an analyst, I’d observe that the market capitalization of AVAX amounts to a substantial $9.69 billion, positioning it as the 13th largest cryptocurrency in the current market. Additionally, there’s been a noteworthy surge in trading volume over the past day, reaching $449 million – an increase of 69.77%. At present, the sellers appear to be dominating the price dynamics.
As a crypto investor, I’ve noticed that the total value locked (TVL) in the Avalanche blockchain, according to DefiLlama, has decreased by 3.9% within the last 24 hours and is now at $675.12 million. This figure pales in comparison to the all-time high TVL of $11.4 billion we witnessed back in December 2021. The AVAX token’s price has plummeted a staggering 83.3% from its all-time high (ATH) of $146.22, which was also reached around the same time last year.
According to the TradingView chart, the AVAX token hasn’t dipped below the $25 mark since December 2023. At present, its price seems to be revisiting the six-month lows. Additionally, there has been a noticeable decrease in trading volume for this altcoin since January, implying waning investor enthusiasm.
The RSI, or Relative Strength Index, for the AVAX versus USDT exchange on Binance stands at a level below 25.69. When this figure drops below 30, it suggests that AVAX is experiencing intense bearish pressure and is being heavily sold off in the marketplace. This situation often presents an attractive buying opportunity for traders, enabling them to acquire undervalued assets.
Photo: TradingView
Milestones Achieved by Avalanche (AVAX)
At the beginning of the year, the Avalanche network made notable strides. The Culture Catalyst fund of its blockchain allocated approximately $100 million for the development of meme coin projects such as GFOX. Furthermore, since their launch in January, over 100 million units of ASC-20 tokens have been minted, underscoring substantial investor interest.
Moving forward, Konami, a renowned Japanese game developer and publisher with more than half a century of industry experience, has teamed up with Ava Labs, the innovative non-profit organization behind Avalanche (AVAX). Their collaboration aims to produce “Resella,” an advanced NFT solution that eradicates the need for users to own a Web3 wallet or deal with intricate cryptocurrency transactions, thereby reducing entry barriers.
As a crypto investor, I’m excited about Resella’s approach to expanding beyond just gaming collectibles. They aim to promote the use of Web3 technology in a more accessible way, which could lead to lower costs and a simpler process for creating, issuing, and trading digital collectibles. This could potentially open up new opportunities and applications for this technology, making it an even more attractive investment for me.
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2024-06-24 13:47