AVAX Remains Among the Top-Performing Tokens Despite Its Ongoing Downward Trend

AVAX is still one of the top 15 best-performing tokens by market capitalization, even though its current direction on shorter time frames indicates that the market is bearish. According to CoinMarketCap, the native coin of the Avalanche is performing better than the top five crypto assets.

The market’s sentiment is bullish as long as Avalanche continues to collaborate with significant platforms in the cryptocurrency sector because the value of Avalanche is strongly driven by the utility of its use case. Recall that Emin Gün Sirer, the CEO of Ava Labs, previously gave investors the assurance that the most recent FTX event had little to no impact on AVAX. This was before the final ruling of the FTX bankruptcy judge.

Key Avalanche Levels To Watch – June 8

Since the bounce off the $22.7963000 resistance, the overall market trend has been bearish. Following the head-and-shoulders pattern that was formed in February 2023, the market sank lower.

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On the daily chart, the market’s trading range is between the $10.5773000 and the $22.7963000 price levels. Apparently, the price is currently consolidating at the 62.0% Fibonacci level. This implies that the bulls are currently on the verge of driving prices upward.

AVAX Key Levels

Resistance Levels: $15.7386200, $18.6611100, $22.7963000
Support Levels: $13.8829300, $12.4282100, $10.5773000 

Total Market Capitalization: $1.11T
Avalanche Market Capitalization: $4.82B
Avalanche Volume: $0.12B
Market Rank: #15

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