AVAXanalysis
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AVAX FACES CRITICAL TEST WITH UPCOMING TOKEN UNLOCK
#AVAX #Avalanche #AVAXanalysis #TokenUnlocks
$AVAX
AVAX, Avalanche's native token, is in a downtrend, facing uncertainty as a major token unlock looms. Despite increased whale activity, AVAX remains below key moving averages, raising concerns about its near-term prospects.
Token Unlock and Market Impact
On August 20, $240 million worth of AVAX tokens will be unlocked, mainly for the team and strategic investors like Three Arrows Capital. Such events typically increase supply and pressure prices downward. With 74.39% of AVAX holders currently at a loss, a price drop below $15 could push $143 million worth of AVAX into unprofitability.
Whale Activity and Technical Outlook
Whale transactions have surged to $131.91 million, but a slight decrease in whale concentration suggests some are selling. Still, net inflows from large holders rose by 75.5% last week, indicating some optimism. Technically, AVAX is trading below key resistance levels and testing support around $20.67. A break below this could lead to further declines to $15.63 or $9.47.
AVAX Price Prediction
If AVAX breaks above the falling wedge and the 200-day EMA, it could target $43.07 or even $60.14. However, if bearish momentum continues, the $15.63 support level is crucial.
AVAX FACES CRITICAL TEST WITH UPCOMING TOKEN UNLOCK
#AVAX #Avalanche #AVAXanalysis #TokenUnlocks
$AVAX
AVAX, Avalanche's native token, is in a downtrend, facing uncertainty as a major token unlock looms. Despite increased whale activity, AVAX remains below key moving averages, raising concerns about its near-term prospects.
Token Unlock and Market Impact
On August 20, $240 million worth of AVAX tokens will be unlocked, mainly for the team and strategic investors like Three Arrows Capital. Such events typically increase supply and pressure prices downward. With 74.39% of AVAX holders currently at a loss, a price drop below $15 could push $143 million worth of AVAX into unprofitability.
Whale Activity and Technical Outlook
Whale transactions have surged to $131.91 million, but a slight decrease in whale concentration suggests some are selling. Still, net inflows from large holders rose by 75.5% last week, indicating some optimism. Technically, AVAX is trading below key resistance levels and testing support around $20.67. A break below this could lead to further declines to $15.63 or $9.47.
AVAX Price Prediction
If AVAX breaks above the falling wedge and the 200-day EMA, it could target $43.07 or even $60.14. However, if bearish momentum continues, the $15.63 support level is crucial.
