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Following the partnership deal of Avalanche with Amazon as well as with Intain, there has been a significant surge in the price of AVAX from $10.57730. However, AVAXUSD currently appears to be in a distribution phase, thereby implying the possibility of a downtrend emerging.
The recent act perpetrated by a hacker who was frequently known as retlqw could potentially be the reason for the developing decline, even though the cause of this distribution phase cannot be definitively linked to a particular occurrence. The hacker took a flash loan from Avalanche, which was worth about $44 million. According to ZachXBT, a negotiation is currently ongoing to get the funds back. However, investors’ confidence has yet to be restored.
Key Avalanche Levels To Watch – February 17
Following the rejection at $22.79630, the price faced downward until an increasing influx of sell orders. Currently, the market is in a distribution phase, and a markdown is imminent.
Before the bounce off the 22.79630 resistance, AVAXUSD was appreciating in fractals as the price formed higher highs and higher lows, but the Relative Strength Index (RSI) was concurrently forming lower lows and lower highs. This revealed that a bearish divergence is possible.
Avalanche Key Levels
Resistance Levels: $37.867800, $30.867700, $22.796300
Support Levels: $14.609400, $10.577300, $9.291700
Total Market Capitalization: $1.12T
Avalanche Market Capitalization: $6.27B
Avalanche Volume: $0.16B
Market Rank: #16
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