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.
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.
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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