Avalanche (AVAX), which rose with the SocialFi trend, was shaken after the Stars Arena was hacked.
The Avalanche network has experienced increased activity after a long time. The number of users on the network and the number of transactions on the network are on the rise through the SocialFi project Stars Arena. AVAX has achieved a strong rise with this hype behind it.
While everything was going well for AVAX, the news that Stars Arena was hacked came to the fore during the day. With the hacking of Stars Arena, there was an 8 percent decrease on the AVAX side. So what could happen with AVAX?
Avalanche (AVAX) chart analysis, what could happen?
Avalanche (AVAX), which rose with great hype, exhibits a downward price movement as the hype begins to fade.
AVAX has achieved an increase of nearly 30 percent, with the influence of the SocialFi platform Stars Arena hype. AVAX, which fell to $9 and created anxiety, dropped to $12 in about 10 days. But things didn’t go so well. The fact that Stars Arena was hacked and 3 million dollars of AVAX was stolen created a bombshell on the agenda.
The Stars Arena news, which coincided with the period when Bitcoin turned from resistance and started to retreat, started the decline scenario for AVAX. AVAX fell from $11.87 to $10.68.
If the decline continues, the $10.28 zone will act as important support for AVAX. If this area is lost, AVAX could decline to $9.83. If this level, which is the major support point, is lost, things will become even more difficult for AVAX.
If AVAX manages to capture the hype again and establish permanence in this region, it may create a new support point. If $10.65 becomes a support point, AVAX will look to try again at $11.87. If this resistance is breached, the main resistance point at $12.79 could be the next target.
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