Well, folks, it seems our dear friend AVAX has taken a tumble, dropping nearly 14% faster than a cat off a hot tin roof after Israel decided to play a game of geopolitical chess with Iran. 🐱👤 The bearish technicals were lurking in the shadows, just waiting for their moment to shine.
In the wake of this ruckus, altcoins have been feeling the pinch, much like a man who’s just realized he’s left his wallet at home. On this fine Friday, June 13, 2025, Avalanche (AVAX) plummeted to a daily low of $18.53 before managing to stabilize at around $19. But alas, it still ended the day down by 9.75%. Talk about a rough day at the office!
Now, Avalanche wasn’t the only one feeling the heat; the whole altcoin family took a beating as fears of a Middle Eastern kerfuffle sent traders scurrying for the hills, seeking refuge in safe-haven assets. But bless its heart, AVAX fared worse than most, with only 23 out of the top 100 tokens managing to drop harder. It’s like being the last kid picked for dodgeball, but in the world of crypto.
One might say the reason for this unfortunate decline lies in the weak technicals, particularly a long-term bearish pattern that decided to crash the party in 2024. AVAX formed a double-top pattern at $55.20, then promptly nosedived below $15. This pattern is like a warning sign on a rickety bridge: it suggests that the price will face more resistance than a mule at a horse race before it can regain its former glory.
To add insult to injury, AVAX is still dancing within the bearish flag pattern, hanging out near the lower boundary of its rising channel like a wallflower at a dance. Its price is currently below all key simple and exponential moving averages, which is about as promising as a rain dance in a drought.
What’s next for AVAX?
Despite the gloomy technicals, there’s a glimmer of hope on the horizon. Avalanche has been making some positive strides in its ecosystem lately, which might just signal a brighter long-term outlook. For starters, the network has hit a number of milestones that would make any proud parent beam with joy.
It achieved an all-time high in gas usage, clocking in at a staggering 2.6 trillion, an ATH in daily transactions at 18.1 million, and a record number of transactions per second. This aligns with a broader trend of steady adoption, proving that the network can handle a hefty load without breaking a sweat. Now, if only it could figure out how to keep its price from plummeting like a rock!
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2025-06-13 22:43