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Avalanche Token Dips 4.7% Despite Weekend Rally Avalanche Token Dips 4.7% Despite Weekend Rally

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Avalanche (AVAX), the 10th largest cryptocurrency by market cap, saw its price dip 4.7% overnight to $38.58 despite a strong rally over the weekend.

Recent Price Action

After increasing more than 10% from $35.97 to $39.75 over the weekend (from Friday to Sunday), AVAX’s price rally seems to have cooled. The dip coincides with an overall market pullback, with Bitcoin and Ethereum falling 1% and 1.8% respectively.
Avalanche has experienced significant volatility lately, frequently touching a support level just above $30. Its lowest price so far in 2024 was $27.85 on January 23.

Indicators

The Relative Strength Index (RSI) for AVAX currently stands at around 40, suggesting no immediate fear for holders. It’s also trading slightly below its 30-day moving average.

Experts believe AVAX is currently leading the market’s downturn and is expected to recover more slowly than other cryptocurrencies.

Concerns Regarding Avalanche

Allegations have surfaced through footage released by CryptoLeaks (@CryptoLeaks on Twitter) about AVA Labs, the team behind Avalanche, potentially involving market manipulation. Claims involve AVA Labs using bot networks on social media and messaging apps to artificially inflate AVAX’s price and discredit competitors.

Kyle Roche, a lawyer formerly working with AVA Labs, was allegedly encouraged to engage in litigation against competitors to gain competitive intelligence. The revelation resulted in a 20% price drop of the token in a single week in August 2023.

Alternative Investments

BTCMTX (@btcmtxbsc on Twitter), a project that allows users to engage in Bitcoin cloud mining without buying equipment, has raised $11.5 million in an ongoing presale. Investors can buy and stake BTCMTX, receiving mining credits for hash power. The platform offers additional BTCMTX rewards for staking, creating multiple revenue streams.

External links for this article:
– https://www.coingecko.com/en/coins/avalanche
– https://cryptoleaks.info/

The post Avalanche Token Dips 4.7% Despite Weekend Rally
Avalanche Token Dips 4.7% Despite Weekend Rally appeared first on Althalla.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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