Avalanche (AVAX), which dropped nearly 15 percent, dragged the ecosystem coins JOE, QI, XAVA and PNG behind it.
With Bitcoin (BTC) focusing on the Fed evening, sharp declines were observed in major coins. BTC experienced a retreat before the Fed interest rate decision and fell to $ 40 thousand 550. BTC’s decline affected altcoins. While SOL lost more than 10 percent of its value, AVAX’s 15 percent decline attracted attention.
AVAX’s 15 percent drop during the day also affected the coins in the Avalanche ecosystem. Trader Joe (JOE), one of the largest DeFi projects of the Avalanche ecosystem, marked the day with a 15 percent decline. Another project, BENQI (QI), lost nearly 20 percent of its value. Apart from these two projects, PNG and XAVA also recorded a decline of more than 10 percent.
Will the Avalanche (AVAX) bull run continue?
Avalanche (AVAX) dropped from $41 to $34 in the last 24 hours. AVAX, which recorded an average decrease of 15 percent, dragged the coins in its ecosystem with it. AVAX’s decline affected QI and JOE coins the most. QI was down nearly 20 percent, while JOE was down nearly 15 percent. According to CoinGecko’s data on Avalanche ecosystem coins, XAVA, which is on the Avalanche blockchain and attracts great attention, fell by 16 percent and PNG by 14 percent.
After a sharp decline, AVAX showed a small rise as BTC also recovered. The popular cryptocurrency is moving within the critical price zone.
Looking at the AVAX chart, it can be seen that the support point in the $34.27 region was strongly maintained during the decline. Purchases from this region pushed the AVAX price to rise again. However, AVAX retreated after touching the resistance zone at $36.38. While it is a matter of curiosity whether the AVAX bull will continue or not, it is noteworthy that the price moves in the critical region. AVAX has to overcome the $36.38 resistance in a possible bullish scenario and maintain permanence above this region. If this zone is crossed, AVAX price could target $37.98. If this resistance point is broken, another resistance point for AVAX will be $39.25. If all these resistance points are overcome with bullish expectations, $40 may come to the fore again for AVAX.
On the other hand, AVAX has to defend the support point at $34.27. If this support zone is lost, the price could drop to $32.
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