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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.
The number of $AVAX holders in profit has reached an all-time low. While the asset has witnessed similar levels before, such as in June & December of 2022, it is the first time that nearly all AVAX holders (99.5%) are holding at a loss. pic.twitter.com/pdH387qHqs
— IntoTheBlock (@intotheblock) August 22, 2023
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.
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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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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