$ 96,669.4
$ 1,825.44
$ 0.6785
$ 602.25
$ 147.29
May 7, 2024
by Sujit Kumar
Avalanche (AVAX) Faces Potential Drawdown Amid Investor Uncertainty
Table of contents
Avalanche (AVAX) price may experience a downturn as investor support dwindles, with the altcoin struggling to surpass the $40 mark. The lack of momentum could lead to a consolidation phase, potentially halting AVAX's ascent towards $45.
Sell Signals Detected:
The divergence between price and daily active addresses (DAA) serves as a warning sign, indicating a potential sell-off as investor confidence wanes. With AVAX holders eyeing profit-taking opportunities, the altcoin's price trajectory appears uncertain.
New Investors Show Caution:
Avalanche's adoption rate stands at 16%, suggesting a cautious approach among new investors. This hesitancy to engage with the network may signal a loss of momentum for the project, potentially impeding capital inflows.
Price Outlook:
With AVAX struggling to breach the $40 resistance level, a potential drawdown towards $32 looms, marking a 12% correction. However, a breakthrough above $40 could pave the way for a bullish rally towards $45, offering a glimmer of recovery for the asset.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.