As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed my fair share of market fluctuations. The recent downturn in Avalanche (AVAX) has left me feeling a sense of deja vu.
Over the past few trading days, the value of Avalanche (AVAX) on the markets has noticeably decreased, reaching a six-month minimum price.
I’ve analyzed AVAX‘s price trend over the past month, and I’ve noticed a significant drop of approximately 25% in its value. The past week alone brought about a more pronounced decrease of around 14.7%. To add to this downturn, there was an additional 0.3% decrease within the last 24 hours. Consequently, AVAX now trades at a price of $24.23. This sudden decline stands in stark contrast to its impressive performance observed in previous months.
Additional 60% Correction Ahead For AVAX, But Why?
As an analyst, I’ve been closely monitoring the crypto market and I can’t help but notice the consistent decline in prices. When I delve deeper into the technical analysis of the AVAX chart, I see some concerning signs. The trend may indicate that there is potential for further declines in the price of AVAX.
Expert Note: Crypto analyst Patel, based on the current chart formations, anticipates a potential decrease of 40% to 60% in AVAX‘s value. This pessimistic view stems from the identification of a head-and-shoulders pattern, a well-known technical signal indicative of impending price declines.
Patel highlighted the significance of the head-and-shoulders formation on AVAX‘s price chart, mentioning that the neckline support had been surpassed. This development indicates a bearish trend continuation, with Patel predicting potential drops to hit $19 and potentially even $13.
As an analyst examining the $AVAX/USDT chart, I notice that the price action of $AVAX appears to be forming a head and shoulders pattern. The significance of this technical configuration lies in the neck line, which previously functioned as support for the price. However, once it was breached, the bearish trend gained momentum, signaling potential further declines.
Expecting a 40%-60% downside move. Targets: $19 & $13.
Not saying don’t open long scalps, but use strict stop loss. Trade wisely!#Crypto…
— Crypto Patel (@CryptoPatel) June 23, 2024
Based on these forecasts, Patel recommends that traders and investors approach the market with caution, especially for those contemplating new long positions. He strongly advocates for the use of well-defined stop-loss orders to effectively control potential risks arising from the predicted volatility.
External Influences And Optimistic Counterpoints
The actions of substantial AVAX investors transferring large quantities of AVAX to prominent exchanges are adding to the cryptocurrency’s market troubles.
As a researcher, I’ve been closely monitoring the cryptocurrency market and have come across an intriguing observation made by ZachXBT, a well-known on-chain investigator. He has pointed to a specific entity with the wallet address ‘0x32…4f30’ as potentially contributing to the recent decrease in AVAX‘s value.
I’ve identified a significant transaction where an entity moved around 1.96 million AVAX, equivalent to approximately $54.2 million, to prominent cryptocurrency exchanges such as Coinbase, Binance, and Gate. Additionally, this entity has been instrumental in facilitating transfers via THORChain.
As a researcher studying market trends, I’ve observed that significant mass movements in the market can often signal bearish sentiments amongst major investors. If this downward trend persists, it may lead to even greater declines.
As an analyst, I believe that even with AVAX experiencing a downturn in its performance currently, there are reasons to stay positive about the broader altcoin market. In my view, this correction phase could present a great buying opportunity for those investors who have a long-term perspective.
As a researcher studying the altcoin market, I’ve observed a noteworthy resilience and growth trend over the past few months. This sector is currently undergoing necessary adjustments following substantial increases in value.
As a crypto investor, I believe the second half of the year could bring about a strong rebound. It’s advisable to seize opportunities during market downturns and purchase digital assets at lower prices, preparing for an uptrend in Q3 and Q4.
Q3 & Q4 gonna be EPIC for the Altcoins..!!
As a researcher examining the current market trends, I acknowledge that this phase presents significant challenges for altcoin investors. With altcoins experiencing a decline of approximately 40-50%, it’s crucial to remain informed and adaptive in order to navigate through these turbulent waters effectively.
Yet, it’s important to keep in mind that we’ve achieved substantial progress during the past 7-8 months, specifically since October 2023.
From October 2023…
— Captain Faibik (@CryptoFaibik) June 23, 2024
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-25 06:51