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Summary
Avalanche (AVAX) has experienced a significant 10% price drop in the past 24 hours, hitting $24.86, its lowest point this year. The decline is attributed to a large transfer of 1.96 million AVAX tokens worth $54.2 million across exchanges like Coinbase and Binance.
Introduction
Avalanche (AVAX), a prominent large-cap cryptocurrency, has witnessed a notable decrease in value, making it the top loser among major digital assets. The price of AVAX plummeted from $27.90 to $24.86, showing a substantial 60% decline from its yearly peak of $60.69.
Main Points
- The entity transferred 1.96 million AVAX tokens worth $54.2 million, impacting the price of AVAX.
- The sudden 10% drop in AVAX’s price is attributed to significant selloffs and transactions on various exchanges.
- Despite the price drop, AVAX’s trading volume has surged by over 100%, reaching $509 million.
- Potential price scenarios include a further drop to $20 or a recovery towards $28 and beyond.
Conclusion
As Avalanche (AVAX) faces price uncertainties, traders are closely monitoring the critical support level of $23. The market’s response to the recent selloff has led to increased trading activity, suggesting a dynamic environment for AVAX’s price movements in the near future.
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