Avalanche price analysis: Avax steps down to $56.5 six months low as bears dominate the market

Avalanche price analysis shows bearish price action after the elongated bearish slide. Bears are covering a downwards range today, which has further deteriorated the circumstances for the token.

Timeline of Avalanche

A closely followed crypto analyst and a trader who is pseudonymously known as Altcoin Sherpa comes up with his analysis and is seen warning the traders that altcoins will see more selling pressure if the price fails to hold on to their support level. The crypto strategist, Altcoin Sherpa informs his 174,900 Twitter followers that …

Avalanche price analysis reveals that AVAX closed yesterday's trading session trading at $56.12 which is a slight dip of 0.69% from its opening price of $56.52.The cryptocurrency entered the week trading at $57.18 and hit its weekly high at $61.01 before it started to experience some sell-offs that led it to where it is now.AVAX.

A fallout from the ascending wedge pattern signaled the continuation of the ongoing correction. Therefore, the aggressive selling from the traders breached the $67 local support and sank the (Avalanche)AVAX price to $55-$52 support.

The blockchain space has become increasingly competitive. The so-called “Ethereum killers” have been advancing their networks with superior features to boost user experiences, such as [.

Vector Finance TVL hits a new high as Curve Wars shifts to Avalanche In order to become the network's biggest liquidity hub so let's read more about it in today's blockchain news. The battle to attract stablecoin liquidity was a trending theme on the crypto landscape for the past year as decentralized finance users came

WAVES dropped by as much as 17% in today's session, as crypto markets as a whole traded mostly in the red. SOL and NEAR were two notable tokens to fall in today's session, with AVAX also falling by double digits today. WAVES WAVES dropped for a second consecutive session, as prices moved towards the long-term

The total value locked on Vector Finance hit a new high after the protocol integrated multiple stablecoins in the Avalanche ecosystem in order to become the network's largest liquidity hub.

After taking a plunge to its multi-week low on 1 May, Bitcoin bounced back to topple its 4-hour 20 EMA and 50 EMA. Thus, providing a thrust to the broader market cap as it crawls its way back toward the $1.9T-mark.

Avalanche (AVAX), the 11th-largest cryptocurrency, rallied on Thursday after digital asset manager Valkyrie launched an investment trust dedicated to the token. AVAX jumped 14% in a few hours to a one-week high of $68.36.

Issuer Valkyrie Investments has launched its second trust of 2022, an Avalanche-focused trust to join its family of crypto funds. The post Valkyrie launches new trust holding AVAX appeared first on The Block.