{"id":82308,"date":"2024-06-24T08:18:53","date_gmt":"2024-06-24T12:18:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82308"},"modified":"2024-06-24T08:21:11","modified_gmt":"2024-06-24T12:21:11","slug":"avalanche-avax-price-falls-to-six-month-low-50-correction-looms","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/avalanche-avax-price-falls-to-six-month-low-50-correction-looms\/","title":{"rendered":"Avalanche (AVAX) Price Falls to Six-Month Low, 50% Correction Looms"},"content":{"rendered":"\n

The Avalanche price is developing a head-and-shoulder pattern on the technical chart, implying another 50% correction. Over the weekend, AVAX<\/a> whale shifted large amounts of coins.<\/p>\n\n\n\n

\"Avalanche<\/figure>\n\n\n\n

Avalanche's native cryptocurrency, AVAX, has been on a significant downward spiral, falling 15% in the last week.<\/p>\n\n\n\n

The AVAX price has corrected by an additional 6% in the past 24 hours, resulting in a market cap of $9.5 billion and a price of $24.24.<\/p>\n\n\n\n

Avalanche Price Can Correct Another 50%<\/h2>\n\n\n\n

The native token of the Layer-1 blockchain Avalanche, AVAX, has experienced a remarkable 36% correction in the past month, reaching levels last observed in December 2023, six months ago.<\/p>\n\n\n\n

The technical chart indicates that the price of AVAX is exhibiting absolute weakness, which suggests that it has the potential to decline by an additional 50% from its current position.<\/p>\n\n\n\n

Analyst Crypto Patel shows the formation of a head-and-shoulder pattern for Avalanche<\/a> indicating a major bearish trend ahead.<\/p>\n\n\n\n

The Avalanche price has breached the neckline support, indicating a potential decline of over 40% to 60%.<\/p>\n\n\n\n

Consequently, the analyst predicts that AVAX will experience further corrections to $19 and $13.<\/p>\n\n\n\n

Analyst Crypto Patel cautions investors who are considering establishing a long position after the recent correction.<\/p>\n\n\n\n

Also, he encouraged traders to establish rigorous limit losses on Avalanche trades.<\/p>\n\n\n\n

\n

\ud83d\udcc9 AVAX\/USDT Chart Analysis:$AVAX\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 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<\/use><\/svg><\/span><\/a>\u2026 pic.twitter.com\/FFetHS2GZc<\/use><\/svg><\/span><\/a><\/p>— Crypto Patel (@CryptoPatel) June 23, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

AVAX Whale Movement<\/h2>\n\n\n\n

The major cause of the recent AVAX price<\/use><\/svg><\/span><\/a> dip\u00a0appears to be the significant whale activity of an entity (“0x32\u20264f30”), which transferred a substantial 1.96 million AVAX coins to some top\u00a0crypto exchanges such as Gate, Coinbase, and Binance.<\/p>\n\n\n\n

Based on current market prices, the transfer was worth around $54.2 million.<\/p>\n\n\n\n

Further investigation into the matter revealed that the entity employed cross-chain bridges, including THORChain, to facilitate the transfers.<\/p>\n\n\n\n

This bearish development has further reduced the Avalanche's valuations to below $10 billion, resulting in a decline in relative value to other altcoins, including Tron (TRX) and Shiba Inu<\/a> (SHIB).<\/p>\n\n\n\n

Avalanche has experienced a nearly $14 billion decline in value since mid-March, amid the significant correction it has experienced in recent weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Avalanche price is developing a head-and-shoulder pattern on the technical chart, implying another 50% correction. Over the weekend, AVAX whale shifted large amounts of coins. Avalanche’s native cryptocurrency, AVAX, has been on a significant downward spiral, falling 15% in the last week. The AVAX price has corrected by an additional 6% in the past […]<\/p>\n","protected":false},"author":56,"featured_media":82318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2309,20152,20173],"class_list":["post-82308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-avalanche","tag-avalanche-avax","tag-avax-price-analysis"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Avalanche-AVAX-Price-Falls-to-Six-Month-Low-50-Correction-Looms.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82308"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82318"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}