Avalanche (AVAX), which is currently the tenth biggest cryptocurrency with a market capitalization of over $14 billion, has posted an overnight dip of 4.7% to trade at $38.58 at the time of writing.
The losses come amidst a broader market-wide pullback as leading cryptocurrencies Bitcoin and Ethereum also shed value, dropping 1% and 1.8% respectively.
AVAX’s weekend rally appears largely to have cooled off. On Saturday, the token posted an intraday rally of just over 10% as prices climbed from $35.97 to $39.75.
Avalanche has been one of the more volatile cryptocurrencies recently, with prices frequently dropping to a support level just above $30 since the year began. It posted a 2024 low of $27.85 on January 23, according to data by CoinGecko.
According to the chart, AVAX has an RSI of about 40, which indicates little cause for alarm. It’s currently trading at less than a dollar below its 30-day moving average—indicated by the blue line—which again doesn’t indicate anything that AVAX holders should be worried about.
Still, AVAX is leading today’s dip, which means it hasn’t yet found the bottom, and even when other coins begin posting green candles, AVAX is likely to lag behind.
Despite being one of the leading cryptocurrencies by market capitalization, AVAX is also one of the more controversial. A series of reports by anonymous crypto whistleblowing platform CryptoLeaks has harmed its public image by exposing, through hidden camera footage, some troubling allegations about the cryptocurrency project.
According to a former engineer, the AVA Labs team has utilized astroturfing (essentially bot armies over on X or Telegram) to help pump the price of AVAX via a relentless stream of tweets hyping AVAX or denigrating competitors.
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