Avalanche Experiences Significant Market Value Drop
- Avalanche Experiences Significant Market Value Drop: AVAX cryptocurrency faced a 9.5% drop in market value within 24 hours, causing concerns among investors and analysts. It is currently priced at $25.07, close to the critical support level of $23.34, indicating potential further downside.
- What Caused the Sudden Decline?: The sudden drop in AVAX's value is attributed to the transfer of 1.96 million AVAX by an entity named "0x32…4f30," worth around $54.2 million, between exchanges like Coinbase, Binance, and Gate using cross-chain bridges like THORChain.
- Analysts' View on the Transfer: Analysts see this large-scale transfer as a significant factor worsening bearish sentiment around AVAX. The market reacted swiftly and negatively due to concerns about potential sales and increased supply reaching exchanges.
- AVAX Retracted Sharply After Reaching $65 in 2024: Despite showing strong performance earlier in the year, AVAX struggled to maintain its upward momentum since May 23 when it was priced at $38.31. The recent decline brings disappointments for investors.
- Investors' Advice: Investors are advised to closely monitor AVAX's critical support level of $23.34. If the price falls below this level, there could be a further deepening of the decline.
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Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB) As of , Shiba Inu (SHIB) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000307 | 0.00000407 | 0.00000524 | 0.00000624 | 0.00000741 | 0.00000841 | 0.00000958 |
| Fibonacci | 0.00000407 | 0.0000049 | 0.00000541 | 0.00000624 | 0.00000707 | 0.00000758 | 0.00000841 |
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