Avalanche AVAX/USD is approaching $10. Why this could be an important make-or-break level


celebrated DeFi platform Avalanche (AVAX/USD) is struggling this year. After trading at a high of $150 in November 2021, it has failed horribly this year. From its all-time high, AVAX has now crashed nearly 93% to its current price of $11.7. The cryptocurrency is now moving towards $10, a crucial level that could spell stability or doom for the token.

AVAX’s boom in 2021 reflected a growing interest in DeFi. The platform provides tools for users to launch decentralized applications. However, a spiral of activity, including the Terra Luna crash and economic tightening, has hit the blockchain hard. The FTX crisis was the latest blow that accelerated the bear market.

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AVAX Tumbles as Cryptocurrency Heads for Major Support Zone

AVAX lost an intraday of 1.17% to bring its losses to 12% for the week. However, the cryptocurrency was trading at slightly higher volumes at 22%.

AVAX chart by TradingView

AVAX is printing bear momentum heading into the $10 support. The cryptocurrency is in a clear system of lower lows and lower highs.

On the weekly chart, AVAX lost the $15 level, paving the way for further decline. The MACD indicator shows that the bears are still in control. The RSI shows that AVAX is almost oversold.

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Why could $10 be crucial for AVAX?

AVAX at $10 would mark a crucial make-or-break level. The level would be the lowest for the cryptocurrency since June 2021. AVAX has been defending this level for two years now. The $10 zone was defended in June 2021 as AVAX mounted a bullish recovery. A price boom followed.

Should AVAX drop below $10, we could be heading to the lows of 2020. The next prize in the series is $4.3.

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