Token

Impact

Resistance

Avalanche

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-anticipate-avax-token-unlock-event/" data-wpel-link="internal">Investors Anticipate AVAX Token Unlock Event</a> 
Cryptocurrency enthusiasts are buzzing about the upcoming major token unlock event on the <a href="https://en.coin-turk.com/avalanche-avax-continues-to-climb-in-the-crypto-market/" data-wpel-link="internal">Avalanche</a> (AVAX) network. Scheduled for August 20, this event will release $240 million worth of new AVAX tokens into the market. Investors and analysts are eagerly speculating on how the AVAX price will react. 
<h2 style="text-align: justify" id="22-drop-risk-for-avax">22% Drop Risk for AVAX</h2> 
The Avalanche team and strategic investors will hold a total of 7.75 million AVAX tokens. When these tokens are released, they could trigger a wave of sales, potentially causing a 22% drop in AVAX price. Such token unlock events typically increase the circulating supply, negatively impacting the price. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-379345 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/avax.jpeg" alt="" width="1139" height="527"> 
According to IntoTheBlock <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, 74.39% of AVAX holders are currently at a loss, with only 11.78% in profit and 13.83% breaking even. If the price falls below $15, a total of $143 million worth of AVAX tokens could move into the loss zone. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-379346 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/avax-1.jpeg" alt="" width="1280" height="429"> 
<h2 style="text-align: justify" id="whale-activity-could-impact-price">Whale Activity Could Impact Price</h2> 
Despite the major unlock event, whale activity around AVAX has notably increased. Large transactions reached $131.91 million, but whale accumulation of AVAX dropped from 30.37% to 29.83%. This indicates significant sales by large investors. However, in the past week, large investor purchases increased by 75.5%, while exits remained at 30.65%. This net positive flow suggests that smart money is betting on a price increase post-token unlock. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-379347 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/into.jpeg" alt="" width="1200" height="800"> 
On the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> front, AVAX price is in a downtrend. The price is below the 50-day exponential moving average (EMA) of $25.86 and the 200-day EMA of $31.06, reinforcing the bearish trend. Resistance levels include $25.86 and $31.06. 
On the other hand, AVAX price is currently testing the support level at $20.67. If it falls below this level, the next significant support levels are $15.63 and $9.47. The price is approaching the peak of a falling wedge formation. If confirmed by an upward breakout, a potential bullish reversal could occur. However, this confirmation has not yet happened. 
AVAX price prediction suggests that if a breakout above the falling wedge formation and the 200-day EMA occurs, the current bearish thesis could be invalidated. If the bullish momentum continues, the price could reach $43.07 in the short term and approximately $60.14 in the long term. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-anticipate-avax-token-unlock-event/" data-wpel-link="internal">Investors Anticipate AVAX Token Unlock Event</a></h5>
The post <a href="https://en.coin-turk.com/investors-anticipate-avax-token-unlock-event/" data-wpel-link="internal">Investors Anticipate AVAX Token Unlock Event</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Investors Anticipate AVAX Token Unlock Event

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