Avalanche Investors Panic As More AVAX Are Held Even In Loss

Azeez Mustapha

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As a negative correlation between the price chart and the progression of Avalanche persists, AVAX drops significantly. The market participants have long struggled with losses despite the network’s expanding operations.

Learn more via the IntoTheBlock post on X.

AVAX occupies a spot among the top losing tokens among the top cryptocurrencies. IntoTheBlock estimates that 99.5% of AVAX token owners are holding tokens at a loss. Due to this ongoing fall, the price of AVAX may continue to decline unless encouraging news is released.

Watch to learn more. Read further to discover AVAXUSD’s market prospects.Investors Panic As More Avalanche Holders Keep Holding In Losses

Key Avalanche Levels to Watch: August 23

The market’s downtrend began on February 2, 2023, after a breach at the $21.60 resistance level. AVAXUSD declined to the $14.00 psychological level before making a bullish retracement toward the $21.60 resistance. The downtrend resumed after the bounce off the $21.60 resistance on April 18, 2023. There was no major upward retracement until a sweep of sell-side liquidity below the $12.10 old low.

The market’s downtrend eventually continued after a rejection at the $16.00 retracement level. After the bounce at $9.90 due to the oversold indication by the RSI (Relative Strength Index), a short-term retracement to the upside is emerging. The bearish trend is, however, likely to continue after the breaker block at the $12.10 price level is reached.

Key Avalanche Levels

Resistance Levels: $16.00, $18.20, $21.60
Support Levels: $9.90, $8.00, $4.10

Total Market Capitalization: $1.07T
Avalanche Market Capitalization: $3.58B
Avalanche Volume: $0.10B
Market Rank: #19

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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