{"id":517413,"date":"2023-01-25T04:33:02","date_gmt":"2023-01-25T09:33:02","guid":{"rendered":"https:\/\/wncen.com\/?p=517413"},"modified":"2023-03-08T07:25:45","modified_gmt":"2023-03-08T07:25:45","slug":"avalanche-crumbles-10","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/avalanche-crumbles-10\/","title":{"rendered":"Avalanche Crumbles 10% – Was The AVAX Rally A Bull Trap?\u00a0"},"content":{"rendered":"

Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies <\/span>break through<\/span><\/a> crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling.\u00a0<\/span><\/p>\n

According to <\/span>Coingecko<\/span><\/a>, AVAX is down 10% in the daily time frame, landing it a spot as one of the bigger losers as of today, January 25th. This has led to speculation that Avalanche\u2019s most recent rally that was triggered by partnerships with <\/span>Amazon Web Services<\/span><\/a> and with <\/span>Alibaba<\/span><\/a> was just a so-called “buy the rumor, sell the news” event.\u00a0<\/span><\/p>\n

Related Reading: Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars<\/a><\/div>\n

The saying “buy the rumor, sell the news” describes a common trading technique in which investors buy a security on the basis of rumors about an impending news announcement or data, and then sell the asset once the news is out.<\/p>\n

This could afford the trader an opportunity to purchase the security before everyone else does so that he or she can sell it at a profit when demand and price rise.<\/p>\n

 \"\"Image: CoinCentral<\/pre>\n
External And Internal Forces Influence AVAX<\/strong><\/h2>\n
Although developments on-chain have been particularly bullish, external market forces seem to be the dominant force for the token\u2019s slippage today. At the time of writing, <\/span>Bitcoin<\/span><\/a> and <\/span>Ethereum<\/span><\/a> have approached their respective resistances with no breakthroughs made by the two cryptos’ bulls.\u00a0<\/span><\/p>\n
But with recent developments like the ecosystem\u2019s <\/span>partnership<\/span><\/a> with Canadian e-commerce company Shopify, we might see Avalanche become more mainstream as consumers from Shopify familiarize themselves with the ecosystem.\u00a0<\/span><\/p>\n
However, recent <\/span>news<\/span> shows that on-chain metrics have not improved since the announcement of the partnerships. Validator count still hovers around 1,200 ever since. The realm of DeFi also does not show promise for Avalanche.\u00a0\u00a0<\/span><\/p>\n
\"\"Image: DefiLlama<\/pre>\n
According to <\/span>DefiLlama<\/span><\/a>, the ecosystem\u2019s total value locked declined 3% since yesterday. This can be a sign of a slight loss in investor confidence as investors would have felt misled by the recent market movements.\u00a0<\/span><\/p>\n
At $16.96, What\u2019s In Store For Investors?\u00a0<\/strong><\/h2>\n
Investors are somewhat bearish because of the recent rejection at $19. According to <\/span>CoinGlass data<\/span><\/a>, short sellers out-number the long buyers by a significant margin, adding to the overall bearish weight of the situation.\u00a0<\/span><\/p>\n
\"\"Image: Coinglass<\/pre>\n
If the token continues to do worse and closes today below $16.85, we might see the bears retest the $15.74 support range. However, on-chain developments should be able to keep up with the market\u2019s current sentiment.\u00a0<\/span><\/p>\n
With the token\u2019s high correlation with Bitcoin and Ethereum, investors and traders should also monitor the price movements of these coins. As of writing, bears in the BTC market are retesting $22,661 support with ETH retesting $1,520 support at the same time.\u00a0<\/span><\/p>\n
<\/p>\n
AVAX total market cap at $5.4 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market<\/a><\/div>\n
For now, long position holders of AVAX should brace for short to medium term as bears try to claw their way into position. AVAX bulls should also try to consolidate above their support as this would enable the token to have a strong plank to burst through $19 resistance.\u00a0<\/span><\/p>\n
-Featured image by TD Ameritrade<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break through crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling.\u00a0 According to Coingecko, AVAX is down 10% in the daily time frame, landing it a spot as one of the bigger losers as of today, January 25th. This has led to speculation that Avalanche\u2019s most recent rally that was triggered by partnerships with Amazon Web Services and with Alibaba was just a so-called “buy the rumor, sell the news” event.\u00a0 Related Reading: Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars The saying “buy the rumor, sell the news” describes a common trading technique in which investors buy a security on the basis of rumors about an impending news announcement or data, and then sell the asset once the news is out. This could afford the trader an opportunity to purchase the security before everyone else does so that he or she can sell it at a profit when demand and price rise. Image: CoinCentral External And Internal Forces Influence AVAX Although developments on-chain have been particularly bullish, external market forces seem to be the dominant force for the token\u2019s slippage today. At the time of writing, Bitcoin and Ethereum have approached their respective resistances with no breakthroughs made by the two cryptos’ bulls.\u00a0 But with recent developments like the ecosystem\u2019s partnership with Canadian e-commerce company Shopify, we might see Avalanche become more mainstream as consumers from Shopify familiarize themselves with the ecosystem.\u00a0 However, recent news shows that on-chain metrics have not improved since the announcement of the partnerships. Validator count still hovers around 1,200 ever since. The realm of DeFi also does not show promise for Avalanche.\u00a0\u00a0 Image: DefiLlama According to DefiLlama, the ecosystem\u2019s total value locked declined 3% since yesterday. This can be a sign of a slight loss in investor confidence as investors would have felt misled by the recent market movements.\u00a0 At $16.96, What\u2019s In Store For Investors?\u00a0 Investors are somewhat bearish because of the recent rejection at $19. According to CoinGlass data, short sellers out-number the long buyers by a significant margin, adding to the overall bearish weight of the situation.\u00a0 Image: Coinglass If the token continues to do worse and closes today below $16.85, we might see the bears retest the $15.74 support range. However, on-chain developments should be able to keep up with the market\u2019s current sentiment.\u00a0 With the token\u2019s high correlation with Bitcoin and Ethereum, investors and traders should also monitor the price movements of these coins. As of writing, bears in the BTC market are retesting $22,661 support with ETH retesting $1,520 support at the same time.\u00a0 AVAX total market cap at $5.4 billion on the daily chart | Chart: TradingView.com Related Reading: ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market For now, long position holders of AVAX should brace for short to medium term as bears try to claw their way into position. AVAX bulls should also try to consolidate above their support as this would enable the token to have a strong plank to burst through $19 resistance.\u00a0 -Featured image by TD Ameritrade<\/p>\n","protected":false},"author":557,"featured_media":517418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,87413,83347,14690,3505],"class_list":["post-517413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-avalanche-ecosystem","tag-avax","tag-crypto-news","tag-price-analysis"],"acf":[],"yoast_head":"\nAvalanche Crumbles 10% - Was The AVAX Rally A Bull Trap?\u00a0<\/title>\n<meta name=\"description\" content=\"Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/avalanche-crumbles-10\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avalanche Crumbles 10% - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Avalanche Crumbles 10% – Was The AVAX Rally A Bull Trap?\u00a0","url":"http:\/\/wncen.com\/news\/avalanche-crumbles-10\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/avalanche-crumbles-10\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-74.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-74.png?fit=800%2C488"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","avalanche ecosystem","avax","crypto news","price analysis"],"dateCreated":"2023-01-25T09:33:02Z","datePublished":"2023-01-25T09:33:02Z","dateModified":"2023-03-08T07:25:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Avalanche Crumbles 10% – Was The AVAX Rally A Bull Trap?\\u00a0\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/avalanche-crumbles-10\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/avalanche-crumbles-10\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/a-74.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/a-74.png?fit=800%2C488\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"avalanche ecosystem\",\"avax\",\"crypto news\",\"price analysis\"],\"dateCreated\":\"2023-01-25T09:33:02Z\",\"datePublished\":\"2023-01-25T09:33:02Z\",\"dateModified\":\"2023-03-08T07:25:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-74.png?fit=800%2C488","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517413"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517418"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}