As a seasoned researcher with a keen eye for cryptocurrency market trends and an even keener sense of humor, I find myself intrigued by the current state of Avalanche. The price action is reminiscent of a rollercoaster ride, with its ups and downs leaving me hanging on for dear life.
Avalanche, a type of blockchain similar to Bitcoin (layer-one), is currently in a difficult market situation. The value of this digital coin isn’t fluctuating much and it’s having trouble rebounding. Its price is close to crucial support points, suggesting strong selling interest. Over the last seven days, its price has decreased by over 4%, indicating a downward trend.
Avalanche Price Set to Unlock Significant Token Volume
As a crypto investor, I’m excitedly counting down to August 20, 2024, at 12:00 AM UTC, when over 9.54 million AVAX tokens, equivalent to 3% of the circulating supply and valued around $200 million, will be unlocked for Avalanche. This event promises to be a major milestone in the crypto world.
With the event drawing near, we’ve reached 63% in our overall unlock progress, signifying significant advancement towards the complete distribution of tokens. This unlock could have a potential effect on the L2 token and liquidity, shaping the market movements within the Avalanche network and influencing the strategies of its key players.
As a crypto investor, I’ve noticed some interesting figures about Avalanche. According to DeFiLlama, the total value locked (TVL) on this blockchain stands at a substantial $834.21 million. Additionally, the market capitalization of its stablecoins hovers around the $1.94 billion mark. These numbers are certainly worth keeping an eye on!
During the last 24-hour span, the Avalanche price has accumulated $11,069 in fees, mirroring its earnings for that same duration. This suggests continuous transactional action even within the prevailing market circumstances.
Avalanche Price Analysis: Navigating Through Market Volatility For AVAX
In the last day, the Avalanche price has displayed some market turbulence. On Monday, its value was at approximately $20.81, which represents a drop of 2.58%. Interestingly, despite this decrease, the trading volume for AVAX experienced a substantial rise, jumping up by 21.22% to reach around $156 million. This surge in trading volume suggests that there has been more active trading going on.
Given the ongoing bearish market conditions, it’s possible that Avalanche (AVAX) could fall to its current support level of around $20 if the market instability persists. If this downward trend continues for an extended period, AVAX may even sink further towards a lower support at approximately $15.
On the 4-hour charts for AVAX, there’s a clear trend indicated by the technical indicators. Specifically, the Awesome Oscillator, located beneath the main graph, consistently appears red, signifying strong selling pressure is present.
The Chaikin Money Flow (CMF) indicator stayed above the zero mark, indicating an equilibrium between buying and selling forces, with a slight positive bias as it climbed close to zero. If buyers manage to break through the $22 barrier, the forecast for Avalanche’s price suggests a significant surge. Such an increase could push its price towards a crucial $30 resistance level.
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2024-08-19 18:40