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The Avalanche is close to $10. This could be a critical make-or-break factor

Celebrated DeFi platform Avalanche (AVAX/USD) is having a rough time this year. Having traded at a high of $150 in November 2021, it has failed terribly this year. From its all-time high, AVAX has now crashed by nearly 93% to its current $11.7 price. The cryptocurrency is now headed to $10, a crucial level that…


Celebrated DeFi platform Avalanche (AVAX/USD) is having a rough time this year. Having traded at a high of $150 in November 2021, it has failed terribly this year. From its all-time high, AVAX has now crashed by nearly 93% to its current $11.7 price. The cryptocurrency is now headed to $10, a crucial level that could spell stability or doom for the token.

AVAX’s boom in 2021 reflected a growing interest in DeFi. It provides tools that allow users to launch decentralised apps. The blockchain has been hit hard by a number of events, including the Terra Luna crash, and economic tightening. The bear market has been accelerated by the FTX crisis.

AVAX tumbles as cryptocurrency heads to an important support zone

AVAX lost an Intraday of 1. 17% to take losses in the week to 12%. The cryptocurrency was, however, trading with slightly higher volumes of 22%.

AVAX Chart by TradingView

AVAX prints a bear momentum heading to the $10 support. The cryptocurrency is clearly in a system of lower lows, and higher highs.

On the weekly chart, AVAX lost the $15 level, paving the way for further decline. The MACD indicator indicates that the bears remain in control. The RSI indicates that AVAX is almost oversold.

Why could $10 be crucial for AVAX?

AVAX at $10 would mark a crucial make-or-break level. The level would be the lowest for the cryptocurrency since June 2021. This level has been defended by AVAX for the past two years. The $10 zone was defended in June 2021 when AVAX initiated a bullish recovery. The price boom was followed.

Should AVAX break below $10, we could head to the lows of 2020. Next price in this range is $4.3.

Where to buy AVAX

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Get AVAX today

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles–all in one place.


Purchase AVAX with Public Today


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