What Next For AVAX after 24.8% Rebound ?
The post What Next For AVAX after 24.8% Rebound ? appeared on BitcoinEthereumNews.com.
Avalanche Rebounds 24.8% as Bull Traders Swoop-In In the aftermath of the recent crypto market turbulence, marked by rapid liquidations, Avalanche emerged as one of the most adversely affected high-cap altcoins. Particularly, layer-1 Proof of Stake (PoS) assets have seen diminished demand subsequent to the Ethereum ETF’s approval. Due to this prolonged decline in trading activity, AVAX’s critical support levels weakened as bears staged a rapid correction from last month’s peak. Avalanche Price Trajectory AVAXUSD | TradingView Examining the chart above reveals that AVAX’s price reached a monthly timeframe peak of $32.99 on July 21. But since the Ethereum ETFs launch, demand has dropped significantly, plunging AVAX into a steep downtrend. But the end of the market crash on Monday, AVAX price had plummeted by 47.31% as it fell below $20 for the first time in 2024. Conspicuously, the global altcoin market only experienced a 28.66% contraction over the same 15-day period. This discrepancy underscores that Avalanche’s retracement during the crash had exceeded the market average by over 18%. A prominent asset such as AVAX’s underperforming relative to the broader market often suggests that it is currently undervalued, as the liquidated positions in its high-volume derivatives markets may have resulted in an outsized price correction. This scenario frequently attracts the attention of bull traders seeking to exploit the low prices to get in early on the asset before the next rebound phase picks up momentum. Judging by AVAX’s recent price action, early signals of this bullish market outlook have emerged. Since August 5, Avalanche’s price has rebounded by a whopping 24.8%, as it climbed above critical $20 territory at press time on Wed Aug 7. In contrast, the global altcoin market has achieved a more subdued 19.3% rebound. This rare market alignment suggests crypto investors are taking advantage of AVAX’s…
Filed under: News - @ August 8, 2024 3:22 am