Avalanche (AVAX) Experiences Crucial Support Breakdown, Market Analysis and Investor Sentiment
- 王林Original
- 2024-06-19 04:05:40775browse
The Avalanche (AVAX) token has recently encountered a major setback, plunging below the pivotal $30 mark. This level, which has historically been a strong
The cryptocurrency market experienced a tumultuous week, with several tokens facing crucial support breakdowns. Among them, Avalanche’s (AVAX) token took a hit, plunging below the pivotal $30 mark. This level, which served as a strong support since early May, now points to a potential shift to bearish territory.
As AVAX slipped below $30, the token encountered further obstacles in its price movement. The 50-day Exponential Moving Average (EMA) also acted as a resistance at $35. This price movement, coupled with the crucial support breakdown, placed AVAX in a sticky situation.
If this trend continues, the token might head towards the next support level at $27. However, if the price manages to recover from this crucial support breakdown, it could pave the way for a return to higher levels, with the 50-day EMA being a key resistance in this scenario.
According to Santiment’s analysis, whale actions and developmental efforts provided a mixed yet informative picture. While development activities remained relatively consistent, a decline in stablecoin holdings by large investors might indicate a shift in their investment strategy.
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News source：https://www.kdj.com/cryptocurrencies-news/articles/avalanche-avax-experiences-crucial-support-breakdown-market-analysis-investor-sentiment.html
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