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Looking back at 2021, two cryptocurrencies were dubbed Ethereum killers. Solana and AVAX were at the peak of this process. AVAX, which reached historical highs during this period, also experienced a notable decline. Recently, the altcoin, which had returned above $60, fell below $30. So, what is happening with AVAX right now?
AVAX Price Prediction and Outlook
Bitcoin’s price has continued to decline since the interest rate decision period, dropping from $70,000 to $64,000. During this period, AVAX experienced a significant 28% decline. This price drop brought AVAX to the critical support level of $25.
On the other hand, AVAX’s RSI value also fell to 28, which can be interpreted as an oversold condition in the market.
Previous predictions for AVAX indicated that it could fall below the $30 level. These predictions also suggested that some investors were eyeing the $25-27 range as a buying opportunity.
These predictions did not fail, and the $25 level, the lowest seen since December 2023, was visited. The price then bounced back, rising by 6% to $26.50. At the time of writing, the price is just below $26. This indicates that the $25 level serves as a critical support for AVAX for now.
Currently, the price is showing a bearish scenario as it trades below all major technical analysis indicators on the daily timeframe. It is below the Ichimoku Cloud, the base line of the cloud, and the exponential moving averages, all of which are strong bearish signals.
Current Status of AVAX Addresses
The number of unique addresses holding AVAX is also significant for the future of the cryptocurrency and its network. When examining the existing addresses on the AVAX side, this number increased from 41,316 on June 3 to 22,060 from June 10 to June 17.
These data are particularly important in the context of a bearish market. The first week of the mentioned period showed a larger increase compared to the second week, indicating that the number of new addresses is growing day by day.
