MtGox and the claim that the US is selling Bitcoin (BTC) drove altcoins to collapse, how are things progressing in Avalanche (AVAX)?
The news about MtGox and the USA, which Arkham published yesterday evening, almost hit altcoins. The fact that BTC lost close to 10 percent in minutes, pulled the entire crypto market back. AVAX, which has been in an upward trend for a while, fell by more than 10 percent both by being rejected from the resistance point and by the effect of the news.
Avalanche (AVAX) Chart Analysis
AVAX, which was exposed to selling pressure from 18.22 resistance, tested the support level by being affected by both this event and MtGox, USA news. The popular coin, which lost 10.95 percent of its value, created an atmosphere of panic, especially in the AVAX ecosystem. AVAX, which found buyers in the band of 16.59 – 16.29 dollars, came back to the level of 17.42 dollars.
In order for the pricing on the AVAX side to progress positively, it is of great importance to break the 18.22 – 19.33 and $22 resistances, respectively. BTC’s depreciation or negative news from the AVAX ecosystem can bring AVAX to 16.59 – 16.29 – 15.37 and 14 dollars.
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