Is Avalanche (AVAX) Nearing Collapse? Analyst Predict Further 60% Correction — Here’s Why
In recent trading sessions, Avalanche (AVAX) has seen a significant drop in its market value, with its price tumbling to a six-month low. Over the past month, AVAX has plummeted by 25%, with a 14.7% drop in just the past week and a further 0.3% decrease in the last 24 hours, bringing its current trading price to $24.23. This decline marks a stark turnaround for an asset that has otherwise shown strong performance in previous months. Related Reading: Avalanche (AVAX) Price Dips As Market Turbulence Persists Additional 60% Correction Ahead For AVAX, But Why? The persistent downward trend has not gone unnoticed in the crypto community. Technical analysis reveals troubling signs, with the AVAX chart displaying a potential for further declines. Crypto analyst Patel, referencing the current chart patterns, speculates that AVAX could soon face an additional 40% to 60% drop in its value. The formation of a head-and-shoulder pattern, a classic technical indicator of future price decreases, drives this bearish outlook. Patel pointed out the critical nature of the head-and-shoulder pattern forming on the AVAX chart, noting that the neckline support has already been breached. This break suggests a bearish continuation, with Patel forecasting potential declines to as low as $19 and possibly even $13.
In recent trading sessions, Avalanche (AVAX) has seen a significant drop in its market value, with its price tumbling to a six-month low.
Over the past month, AVAX has plummeted by 25%, with a 14.7% drop in just the past week and a further 0.3% decrease in the last 24 hours, bringing its current trading price to $24.23. This decline marks a stark turnaround for an asset that has otherwise shown strong performance in previous months.
Additional 60% Correction Ahead For AVAX, But Why?
The persistent downward trend has not gone unnoticed in the crypto community. Technical analysis reveals troubling signs, with the AVAX chart displaying a potential for further declines.
Crypto analyst Patel, referencing the current chart patterns, speculates that AVAX could soon face an additional 40% to 60% drop in its value. The formation of a head-and-shoulder pattern, a classic technical indicator of future price decreases, drives this bearish outlook.
Patel pointed out the critical nature of the head-and-shoulder pattern forming on the AVAX chart, noting that the neckline support has already been breached. This break suggests a bearish continuation, with Patel forecasting potential declines to as low as $19 and possibly even $13.
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