THORChain

Notable

Avalanche

Status

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/avax-faces-notable-drop-in-crypto-market" data-wpel-link="internal">AVAX Faces Notable Drop in Crypto Market</a><br></p>
<p style="text-align: justify">Avalanche (AVAX), once a formidable competitor to Ethereum, has garnered significant attention following a steep decline in the last 24 hours. The cryptocurrency market remains volatile, and AVAX’s sudden price drop has sparked widespread concern among <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a> and analysts alike.</p> 
<h2 id="why-did-avax-drop">Why Did AVAX Drop?</h2> 
<p style="text-align: justify">The dramatic 10% decrease in AVAX’s price was highlighted by prominent <a href="https://en.bitcoinhaber.net/top-altcoins-surge-icp-ont-and-pyr-lead-gains-in-crypto-market" data-wpel-link="internal">crypto analyst</a> ZachXBT, who speculated on potential causes. Approximately 1.96 million AVAX tokens, valued at about $54.2 million, were transferred to various exchanges through cross-chain transactions, suggesting activity by large-scale holders, commonly referred to as “whales.”</p> 
<p style="text-align: justify">These significant transactions involved major exchanges such as Coinbase, Binance, and Gate, facilitated through THORChain for cross-chain bridging. Historically, such whale movements have the potential to cause notable price fluctuations, indicating that AVAX might face further declines soon.</p> 
<h2 id="what-is-the-price-prediction-for-avax">What Is the Price Prediction for AVAX?</h2> 
<p style="text-align: justify">The <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">future trajectory</a> of AVAX’s price remains a subject of speculation. According to AI algorithms from CoinCodex, AVAX’s price could see an increase, potentially reaching $33.82 by July 1, 2024, which would represent a 30% rise from the current levels. This prediction stands despite recent whale-induced downward trends, highlighting the complex dynamics at play.</p> 
<h2 id="concrete-insights">Concrete Insights</h2> 
<p style="text-align: justify"><strong>Key Takeaways for Investors:</strong></p> 
<ul> 
 <li>Monitor significant token transfers as they can indicate potential price changes.</li> 
 <li>Be aware of key support and resistance levels to make informed trading decisions.</li> 
 <li>Consider using AI-based predictions to complement traditional analysis methods.</li> 
</ul> 
<h2 id="current-price-status">Current Price Status</h2> 
<p style="text-align: justify">At the time of this writing, AVAX is trading at $25.82, marking a 5.45% drop in the past 24 hours and over a 13% decline over the last week. The $25 level has proven to be a critical support over recent days, with potential psychological support at $24 if this level is breached. Resistance levels between $27.50 and $28 remain crucial, as the price has struggled to maintain above $28.</p> 
<p style="text-align: justify">In contrast, the price climbed to $30.27 on June 16, establishing $30 as a significant resistance point following a subsequent pullback.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/avax-faces-notable-drop-in-crypto-market" data-wpel-link="internal">AVAX Faces Notable Drop in Crypto Market</a></h5>

AVAX Faces Notable Drop in Crypto Market

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