시가 총액
24시간 볼륨
6566
암호화폐
51.43%
Bitcoin 공유

Is Avalanche (AVAX) Nearing Collapse? Analyst Predict Further 60% Correction — Here’s Why

Is Avalanche (AVAX) Nearing Collapse? Analyst Predict Further 60% Correction — Here’s Why


NewsBTC
2024-06-25 00:00:11

In recent trading sessions, Avalanche (AVAX) has seen a significant drop in its market value, with its price tumbling to a six-month low. Over the past month, AVAX has plummeted by 25%, with a 14.7% drop in just the past week and a further 0.3% decrease in the last 24 hours, bringing its current trading price to $24.23. This decline marks a stark turnaround for an asset that has otherwise shown strong performance in previous months. Related Reading: Avalanche (AVAX) Price Dips As Market Turbulence Persists Additional 60% Correction Ahead For AVAX, But Why? The persistent downward trend has not gone unnoticed in the crypto community. Technical analysis reveals troubling signs, with the AVAX chart displaying a potential for further declines. Crypto analyst Patel, referencing the current chart patterns, speculates that AVAX could soon face an additional 40% to 60% drop in its value. The formation of a head-and-shoulder pattern, a classic technical indicator of future price decreases, drives this bearish outlook. Patel pointed out the critical nature of the head-and-shoulder pattern forming on the AVAX chart, noting that the neckline support has already been breached. This break suggests a bearish continuation, with Patel forecasting potential declines to as low as $19 and possibly even $13. 📉 AVAX/USDT Chart Analysis:$AVAX is forming a head & shoulder pattern. The NECK LINE support is broken, indicating a bearish trend. Expecting a 40%-60% downside move. Targets: $19 & $13. Not saying don’t open long scalps, but use strict stop loss. Trade wisely!#Crypto… pic.twitter.com/FFetHS2GZc — Crypto Patel (@CryptoPatel) June 23, 2024 Given these predictions, Patel advises traders and investors to exercise caution, particularly those considering opening long positions. He emphasizes the importance of implementing strict stop-loss measures to manage risks associated with the anticipated volatility. External Influences And Optimistic Counterpoints Further compounding AVAX’s market woes is the activity of significant holders moving large volumes of AVAX to major exchanges. Prominent on-chain investigator ZachXBT has recently linked the ongoing decline in AVAX’s value to significant transactions by a specific entity identified as ‘0x32…4f30.’ This entity has reportedly transferred approximately 1.96 million AVAX, valued at $54.2 million, to major exchanges, including Coinbase, Binance, and Gate, and has also facilitated transfers via THORChain. This type of large-scale movement typically indicates a bearish sentiment among major holders, potentially leading to further declines if the trend continues. Despite the prevailing downturn in AVAX’s performance, some analysts remain optimistic about the broader altcoin market. Analyst Captain Faibik suggests the current correction period could be a prime investment opportunity for long-term investors. According to Faibik, the altcoin sector has shown resilience and growth over the past several months and is merely undergoing necessary corrections after significant gains. Related Reading: Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead He predicts that the latter half of the year could witness a robust recovery, advising investors to “buy the dips” in anticipation of a bullish resurgence in Q3 and Q4. Q3 & Q4 gonna be EPIC for the Altcoins..!! I understand that this period is very Challenging for Altcoin Holders, given that altcoins are down 40-50%. However, let’s not Forget that we have made Significant gains over the last 7-8 Months (since October 2023). From October 2023… pic.twitter.com/w5tterrE8O — Captain Faibik (@CryptoFaibik) June 23, 2024 Featured image created with DALL-E, Chart from TradingView


면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.