Shiba

2024

Value

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/avalanche-experiences-significant-market-value-drop/" data-wpel-link="internal">Avalanche Experiences Significant Market Value Drop</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/anz-and-chainlink-collaborate-to-enhance-global-asset-tokenization-and-contracts/" data-wpel-link="internal">Avalanche</a></strong> (AVAX) experienced a significant 9.5% drop in market value within 24 hours. This situation has caused concerns among both <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> and analysts. Currently priced at $25.07, AVAX is very close to the critical support level of $23.34. This situation could indicate further downside potential for the cryptocurrency AVAX. So, what is the reason for this decline?</p> 
<h2 style="text-align: justify" id="what-caused-the-sudden-decline">What Caused the Sudden Decline?</h2> 
<p style="text-align: justify">The sudden drop is primarily attributed to the transfer of 1.96 million AVAX by an entity identified as “0x32…4f30,” according to <strong>ZachXBT</strong>. These AVAX, worth approximately $54.2 million, were moved between exchanges like Coinbase, Binance, and Gate using cross-chain bridges such as THORChain.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-364138 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/avax.png" alt="" width="423" height="742"></p> 
<p style="text-align: justify">Analysts pointed to this large-scale transfer as a significant factor exacerbating the bearish sentiment surrounding AVAX. The market’s reaction was swift and negative, reflecting concerns related to potential sales and increased supply reaching exchanges.</p> 
<p style="text-align: justify">As a natural consequence of such a development, the downward pressure on AVAX’s price intensified. Subsequently, the cryptocurrency AVAX began to slowly approach critical support levels, which, if breached, could trigger additional sales and a prolonged bear market for the cryptocurrency.</p> 
<h2 style="text-align: justify" id="avax-retracted-sharply-after-reaching-65-in-2024">AVAX Retracted Sharply After Reaching $65 in 2024</h2> 
<p style="text-align: justify">Historically, the cryptocurrency Avalanche showed strong performance at the beginning of the year, gaining attention with its increase in the first quarters. However, since May 23, when its price was $38.31, AVAX has struggled to maintain its upward momentum.</p> 
<p style="text-align: justify">Despite briefly displacing meme coin <strong>Shiba Inu</strong> from the top 10 cryptocurrencies by market value in May, the recent decline in AVAX’s price brings a series of disappointments for investors. My advice here is for investors to closely monitor the critical support level of $23.34 for AVAX. If the price falls below this level, the decline could deepen further.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/avalanche-experiences-significant-market-value-drop/" data-wpel-link="internal">Avalanche Experiences Significant Market Value Drop</a></h5>

Avalanche Experiences Significant Market Value Drop

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