{"id":626170,"date":"2024-06-25T00:00:11","date_gmt":"2024-06-25T00:00:11","guid":{"rendered":"https:\/\/www.wncen.com\/?p=626170"},"modified":"2024-06-24T19:26:39","modified_gmt":"2024-06-24T19:26:39","slug":"is-avalanche-avax-nearing-collapse-analyst-predict-further-60-correction-heres-why","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/avalanche\/is-avalanche-avax-nearing-collapse-analyst-predict-further-60-correction-heres-why\/","title":{"rendered":"Is Avalanche (AVAX) Nearing Collapse? Analyst Predict Further 60% Correction \u2014 Here\u2019s Why"},"content":{"rendered":"<p>In recent trading sessions, Avalanche (AVAX) has seen a <a href=\"https:\/\/www.wncen.com\/news\/avalanche-avax-price-dips-as-market-turbulence-persists\/\" target=\"_blank\" rel=\"noopener \">significant drop in its market value<\/a>, with its price tumbling to a six-month low.<\/p>\n<p>Over the past month, AVAX has plummeted by 25%, with a 14.7% drop in just the past week and a further 0.3% decrease in the last 24 hours, bringing its current trading price to $24.23. This decline marks a stark turnaround for an asset that has otherwise shown strong performance in previous months.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/avalanche-avax-price-dips-as-market-turbulence-persists\/\" target=\"_blank\" rel=\"noopener \">Avalanche (AVAX) Price Dips As Market Turbulence Persists<\/a><\/div>\n<h2>Additional 60% Correction Ahead For AVAX, But Why?<\/h2>\n<p>The persistent downward trend has not gone unnoticed in the crypto community. Technical analysis <a href=\"https:\/\/twitter.com\/CryptoPatel\/status\/75088943?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">reveals<\/a> troubling signs, with the AVAX chart displaying a potential for further declines.<\/p>\n<p>Crypto analyst Patel, referencing the current chart patterns, speculates that AVAX could soon face an additional 40% to 60% drop in its value. The formation of a head-and-shoulder pattern, a classic technical indicator of <a href=\"https:\/\/www.wncen.com\/news\/altcoin-massacre-prices-plummet-40-90-recovery-stalled-analyst\/\" target=\"_blank\" rel=\"noopener \">future price decreases<\/a>, drives this bearish outlook.<\/p>\n<p>Patel pointed out the critical nature of the head-and-shoulder pattern forming on the AVAX chart, noting that the neckline support has already been breached. This break suggests a bearish continuation, with Patel forecasting potential declines to as low as $19 and possibly even $13.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udcc9 AVAX\/USDT Chart Analysis:<a href=\"https:\/\/twitter.com\/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$AVAX<\/a> is forming a head &amp; shoulder pattern. The NECK LINE support is broken, indicating a bearish trend.<\/p>\n<p>Expecting a 40%-60% downside move. Targets: $19 &amp; $13.<\/p>\n<p>Not saying don&#8217;t open long scalps, but use strict stop loss. Trade wisely!<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Crypto<\/a>\u2026 <a href=\"https:\/\/t.co\/FFetHS2GZc\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/FFetHS2GZc<\/a><\/p>\n<p>\u2014 Crypto Patel (@CryptoPatel) <a href=\"https:\/\/twitter.com\/CryptoPatel\/status\/75088943?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">June 23, 2024<\/a><\/p><\/blockquote>\n<p>Given these predictions, Patel advises traders and investors to exercise caution, particularly those considering opening long positions. He emphasizes the importance of implementing strict stop-loss measures to manage risks associated with the anticipated volatility.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/zipsNHti\/\" alt=\"Avalanche (AVAX) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">AVAX price is moving downwards on the 1-hour chart. Source: AVAX\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3AAVAXUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2>External Influences And Optimistic Counterpoints<\/h2>\n<p>Further compounding AVAX&#8217;s market woes is the activity of significant holders moving large volumes of AVAX to major exchanges.<\/p>\n<p>Prominent on-chain investigator ZachXBT has recently <a href=\"https:\/\/t.me\/investigations\/134\" rel=\"nofollow\">linked<\/a> the ongoing decline in AVAX&#8217;s value to significant transactions by a specific entity identified as &#8216;0x32&#8230;4f30.&#8217;<\/p>\n<p>This entity has reportedly transferred approximately 1.96 million AVAX, valued at $54.2 million, to major exchanges, including Coinbase, Binance, and Gate, and has also facilitated transfers via THORChain.<\/p>\n<p>This type of large-scale movement typically indicates a bearish sentiment among major holders, potentially leading to further declines if the trend continues.<\/p>\n<p>Despite the prevailing downturn in AVAX&#8217;s performance, some analysts remain optimistic about the broader altcoin market. Analyst Captain Faibik suggests the current <a href=\"https:\/\/www.wncen.com\/news\/avalanche-avax-downtrend-persists-amid-market-uncertainty\/\" target=\"_blank\" rel=\"noopener \">correction period<\/a> could be a prime investment\u00a0opportunity for long-term investors.<\/p>\n<p>According to Faibik, the altcoin sector has shown resilience and growth over the past several months and is merely undergoing necessary <a href=\"https:\/\/www.wncen.com\/news\/analyst-avalanche-avax-in-healthy-retreat-potential-rebound-lies-ahead\/\" target=\"_blank\" rel=\"noopener \">corrections after significant gains<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/analyst-avalanche-avax-in-healthy-retreat-potential-rebound-lies-ahead\/\" target=\"_blank\" rel=\"noopener \">Analyst: Avalanche (AVAX) In \u2018Healthy\u2019 Retreat, Potential Rebound Lies Ahead<\/a><\/div>\n<p>He predicts that the latter half of the year could witness a robust recovery, <a href=\"https:\/\/www.wncen.com\/news\/biggest-issue-with-altcoins-this-cycle-crypto-analyst\/\" target=\"_blank\" rel=\"noopener \">advising investors<\/a> to &#8220;buy the dips&#8221; in anticipation of a bullish resurgence in Q3 and Q4.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Q3 &amp; Q4 gonna be EPIC for the Altcoins..!!<\/p>\n<p>I understand that this period is very Challenging for Altcoin Holders, given that altcoins are down 40-50%.<\/p>\n<p>However, let&#8217;s not Forget that we have made Significant gains over the last 7-8 Months (since October 2023).<\/p>\n<p>From October 2023\u2026 <a href=\"https:\/\/t.co\/w5tterrE8O\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/w5tterrE8O<\/a><\/p>\n<p>\u2014 Captain Faibik (@CryptoFaibik) <a href=\"https:\/\/twitter.com\/CryptoFaibik\/status\/58467297?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">June 23, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent trading sessions, Avalanche (AVAX) has seen a significant drop in its market value, with its price tumbling to a six-month low. Over the past month, AVAX has plummeted by 25%, with a 14.7% drop in just the past week and a further 0.3% decrease in the last 24 hours, bringing its current trading price to $24.23. This decline marks a stark turnaround for an asset that has otherwise shown strong performance in previous months. Related Reading: Avalanche (AVAX) Price Dips As Market Turbulence Persists Additional 60% Correction Ahead For AVAX, But Why? The persistent downward trend has not gone unnoticed in the crypto community. Technical analysis reveals troubling signs, with the AVAX chart displaying a potential for further declines. Crypto analyst Patel, referencing the current chart patterns, speculates that AVAX could soon face an additional 40% to 60% drop in its value. The formation of a head-and-shoulder pattern, a classic technical indicator of future price decreases, drives this bearish outlook. Patel pointed out the critical nature of the head-and-shoulder pattern forming on the AVAX chart, noting that the neckline support has already been breached. This break suggests a bearish continuation, with Patel forecasting potential declines to as low as $19 and possibly even $13. \ud83d\udcc9 AVAX\/USDT Chart Analysis:$AVAX is forming a head &amp; shoulder pattern. The NECK LINE support is broken, indicating a bearish trend. Expecting a 40%-60% downside move. Targets: $19 &amp; $13. Not saying don&#8217;t open long scalps, but use strict stop loss. Trade wisely!#Crypto\u2026 pic.twitter.com\/FFetHS2GZc \u2014 Crypto Patel (@CryptoPatel) June 23, 2024 Given these predictions, Patel advises traders and investors to exercise caution, particularly those considering opening long positions. He emphasizes the importance of implementing strict stop-loss measures to manage risks associated with the anticipated volatility. External Influences And Optimistic Counterpoints Further compounding AVAX&#8217;s market woes is the activity of significant holders moving large volumes of AVAX to major exchanges. Prominent on-chain investigator ZachXBT has recently linked the ongoing decline in AVAX&#8217;s value to significant transactions by a specific entity identified as &#8216;0x32&#8230;4f30.&#8217; This entity has reportedly transferred approximately 1.96 million AVAX, valued at $54.2 million, to major exchanges, including Coinbase, Binance, and Gate, and has also facilitated transfers via THORChain. This type of large-scale movement typically indicates a bearish sentiment among major holders, potentially leading to further declines if the trend continues. Despite the prevailing downturn in AVAX&#8217;s performance, some analysts remain optimistic about the broader altcoin market. Analyst Captain Faibik suggests the current correction period could be a prime investment\u00a0opportunity for long-term investors. According to Faibik, the altcoin sector has shown resilience and growth over the past several months and is merely undergoing necessary corrections after significant gains. Related Reading: Analyst: Avalanche (AVAX) In \u2018Healthy\u2019 Retreat, Potential Rebound Lies Ahead He predicts that the latter half of the year could witness a robust recovery, advising investors to &#8220;buy the dips&#8221; in anticipation of a bullish resurgence in Q3 and Q4. Q3 &amp; Q4 gonna be EPIC for the Altcoins..!! I understand that this period is very Challenging for Altcoin Holders, given that altcoins are down 40-50%. However, let&#8217;s not Forget that we have made Significant gains over the last 7-8 Months (since October 2023). From October 2023\u2026 pic.twitter.com\/w5tterrE8O \u2014 Captain Faibik (@CryptoFaibik) June 23, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":626173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85951],"tags":[134,136,9885,83347,6664,87925,10923],"class_list":["post-626170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-avalanche","tag-altcoin","tag-altcoin-market","tag-avalanche","tag-avax","tag-crypto","tag-crypto-asset","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Is Avalanche (AVAX) Nearing Collapse? Analyst Predict Further 60% Correction \u2014 Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"In recent trading sessions, Avalanche (AVAX) has seen a significant drop in its market value, with its price tumbling to a six-month low...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wncen.com\/news\/avalanche\/is-avalanche-avax-nearing-collapse-analyst-predict-further-60-correction-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Avalanche (AVAX) Nearing Collapse? 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/www.wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is Avalanche (AVAX) Nearing Collapse? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/www.wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Avalanche (AVAX) Nearing Collapse? 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