The post Avalanche (AVAX) Price Dips to 6-Monthly Lows: What’s Next? appeared on BitcoinEthereumNews.com.

Coinspeaker Avalanche (AVAX) Price Dips to 6-Monthly Lows: What’s Next? According to the data from CoinMarketCap, AVAX price has witnessed a 5% decline in the past 24 hours and is currently priced at $24.51. Further, the altcoin has shown a huge decline in its price action in the past few months, dropping 15% in the past seven days, followed by a 34.4% decline in the last 30 days. However, the digital asset is up 86.11% since June 2023, displaying decent gains. The market capitalization of AVAX currently stands at $9.69 billion, making it the 13th largest cryptocurrency in the market. Moreover, the trading volume of AVAX is up 69.77% in the past 24 hours, which currently stands at $449 million, and it seems that the sellers have taken charge of the price action. The data from DefiLlama confirms that the total value locked (TVL) in the Avalanche blockchain has dipped by 3.9% in 24 hours and currently stands at $675.12 million. This is significantly lower than the all-time high TVL witnessed in December 2021 at $11.4 billion. The price of the AVAX token has tanked 83.3% from the ATH of $146.22 seen in late 2021. As per the chart provided by TradingView, the AVAX token hasn’t traded below the $25 price level since December 2023, and the cryptocurrency’s current price suggests that it is retesting six-monthly lows. Further, the volume of the altcoin has also declined significantly since January, suggesting decreased interest among investors. The relative strength index (RSI) for the AVAX/USDT pair on Binance reads a value below 25.69. The value going below 30 confirms that AVAX is under the significant influence of bears and is being oversold in the spot market. Generally, this is a strong buy signal for traders, allowing them to purchase good-performing assets at low…

---

Filed under: News - @ June 24, 2024 1:22 pm