Avalanche (AVAX) AI Price Prediction: Will the DeFi Token Recover?

Despite the overall bearish sentiment in the crypto sector, the decentralized finance (DeFi) token Avalanche (AVAX) has experienced a sharp drop in the last 24 hours.

Crypto sector experiences overall bearish sentiment, leading to a sharp drop in decentralized finance (DeFi) token Avalanche (AVAX) over the last 24 hours.

This price movement has sparked curiosity regarding its potential trigger. At one point, the token experienced a dramatic 10% drop, prompting popular crypto analyst ZachXBT to share his insights on the decline.

According to data presented by ZachXBT, a whale appears to be behind the movement, transferring 1.96 million AVAX tokens, valued at approximately $54.2 million, to several major exchanges and via cross-chain bridges.

These transactions were recorded at Coinbase, Binance, and Gate, and a portion of the AVAX tokens were bridged across different blockchains through THORChain.

Such significant movements by large holders can greatly influence market sentiment and prices, often leading to increased volatility and speculative trading.

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In light of these developments, interest in understanding AVAX’s potential future trajectory has surged. To this end, Finbold consulted CoinCodex, a platform utilizing AI-driven machine learning algorithms, to offer a price prediction for AVAX at the beginning of next month.

According to CoinCodex’s predictive model, AVAX is expected to trade at $33.82 on July 1, 2024, a bullish indication as the predicted value reflects an increase of almost 30% from the current price.

Overall, large-scale transfers of cryptocurrencies to exchanges often suggest potential selloffs, which can unsettle the market and lead to rapid declines in asset value. The substantial volume of these transfers highlights the significant impact such actions can have on a cryptocurrency’s price.

AVAX price analysis

At press time, AVAX was trading at $26.12, showing daily losses of about 4.5% and a weekly decline of over 13%.

For AVAX, the $25 mark has been a key support level over the past seven days, holding firm on June 21-22. Furthermore, the $24 level could serve as potential psychological support if $25 fails to hold.

The resistance zone between $27.50 and $28 was established during June 19-21, when the price struggled to sustain above $28. Notably, $30 is another resistance point, as the price peaked around $30.27 on June 16.

: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

News source：https://www.kdj.com/cryptocurrencies-news/articles/avalanche-avax-ai-price-prediction-defi-token-recover.html

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