Bitcoin

Avalanche

<ul>
 <li>Avalanche (AVAX) sees a 10% price drop in 24 hours, hitting $24.86, its lowest this year.</li>
 <li>The price fell as an entity transferred 1.96 million AVAX, worth $54.2 million, across exchanges like Coinbase and Binance.</li>
</ul>
Avalanche (AVAX), one of the leading large-cap cryptocurrencies, has displayed a significant drop of over 10% in the past 24 hours, marking it as the top loser among major digital assets. The price of AVAX has plummeted from a <a href="https://thenewscrypto.com/avalanche-avax-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">recent high</a> of $27.90 to $24.86, reaching its lowest point this year. This decline draws a substantial decrease of approximately 60% from its yearly peak of $60.69.
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 <figure class="aligncenter size-full"><img decoding="async" width="760" height="400" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-107.png" alt="" class="wp-image-101548" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-107.png 760w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-107-300x158.png 300w" sizes="(max-width: 760px) 100vw, 760px">
 <figcaption class="wp-element-caption">Avalanche (AVAX) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/avalanche/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
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The steep fall in AVAX’s value comes amid a substantial selloff reported by ZachXBT, a well-known crypto analyst. According to ZachXBT, an entity using the wallet address “0x327…94f30” transferred about 1.96 million AVAX tokens, valued at $54.2 million, to various cryptocurrency exchanges including Coinbase, Binance, and Gate. These transactions, facilitated by cross-chain bridges such as THORChain, have exerted significant downward pressure on the price of AVAX, resulting in a sudden 10% drop.
At the time of writing, <a href="https://thenewscrypto.com/avalanche-avax-rises-8-following-strategic-partnership-with-stripe/" target="_blank" rel="noopener noreferrer nofollow">Avalanche</a> is trading at $25.20, with a market cap of $9.92 billion. Despite the price decline, AVAX’s daily trading volume has surged by over 109%, reaching $509 million. This increased trading activity highlights the market’s heightened response to the recent selloff.
<h3 class="wp-block-heading" id="h-can-avalanche-avax-price-bounce-back">Can Avalanche (AVAX) Price Bounce Back?</h3>
If the downward trend persists, AVAX may fall further to a critical support level of $23. A breach of this level could push the price down to $20, a value last seen in November 2023. Such a drop could potentially trigger further declines, with the price possibly sinking to $18.43.
Conversely, if Avalanche can maintain its current price of around $25, it might initiate a new upward trend toward $28. Reaching this level could pave the way for further gains, potentially climbing to $30. A sustained rally could stabilize AVAX around $35, with the possibility of advancing the range to $40 and even $50 in the longer term.
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Avalanche (AVAX) Price Dips 10% After Major Sell-Off Concerns

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