In a rather disheartening turn of events, the total crypto market has plummeted by over 3 percent in the last 24 hours, all thanks to Bitcoin (BTC) deciding to take a nosedive below the illustrious $106k mark on Thursday. Naturally, Avalanche (AVAX) decided to follow suit, as if it were a loyal puppy chasing after its master. According to the ever-reliable Coingecko, AVAX, boasting a fully diluted valuation of approximately $10.2 billion and a 24-hour average trading volume of around $610 million, has taken a nearly 4 percent tumble, now trading at a modest $22.44. How quaint! 🐶
What Happened to Avalanche Fundamentals
Ah, the Avalanche network! Once a mere whisper in the corridors of crypto, it has blossomed into a vibrant web3 ecosystem, now flaunting more than $1.5 billion in total value locked (TVL) and nearly $2 billion in stablecoins market cap. Institutional investors have taken a shine to this network, largely due to its rather impressive tokenization technology. Who knew that turning digital assets into tokens could be so appealing? 😏
As a result, the Avalanche network now boasts over 46k active daily on-chain users. Meanwhile, a gaggle of fund managers, led by the ever-ambitious VamEck and Grayscale Investments, are clamoring to offer spot AVAX ETFs in the United States. Because, of course, what could possibly go wrong? 🙄
AVAX Price Expectations
In the grand scheme of things, AVAX has been on a recovery mission from the 2022 crypto bear market. This utility-focused altcoin has been forming a macro bullish continuation since March 2024, characterized by a falling symmetrical channel in the weekly timeframe. How poetic! 📈
On the four-hour timeframe, AVAX has been busy crafting a symmetric triangular pattern over the past four weeks. It has been dutifully respecting a rising logarithmic trend established since April 9, signaling a bullish continuation pattern. One can only hope it continues this trend and doesn’t decide to throw a tantrum. 😅
According to on-chain data, AVAX has established a robust support level above $22.8, particularly after 362k wallets decided to hoard more than 21.65 million AVAX coins. Consequently, a consistent close beyond the liquidity level above $25 will trigger a fresh rejuvenated rally toward the target range between $35 and $55. Fingers crossed, everyone! 🤞
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2025-05-30 03:22