Cryptocurrencies have become so pervasive that it’s difficult to remain entirely unfamiliar with them, even if you’re not particularly tech-savvy. Staying ahead and keeping abreast of the latest developments and intriguing stories in the crypto world necessitates being well-connected to the space.
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AVAX Price Slides Down 15% Lower As Pivotal Level Comes Into View
The cryptocurrency market has been facing a lot of turbulence lately, and Avalanche (AVAX) is not immune to the fluctuations. On Wednesday, Avalanche (AVAX) experienced a significant dip as Bitcoin, the largest cryptocurrency, suffered a sell-off. The impact of Bitcoin’s slide is felt across the entire cryptocurrency and altcoin space, including Avalanche (AVAX).
Currently, Avalanche’s (AVAX) price is hovering around a crucial support area at $16. If it falls below this level, there is a possibility that it could decline by as much as 15% to reach below $15. Although it’s not clear whether Avalanche (AVAX) is in a critical spot or not, the chart suggests that Avalanche (AVAX) bulls are in the end game, and the outcome could be either positive or negative.
As Bitcoin’s price continues to drop during the late European session, Avalanche’s (AVAX) losses are increasing. This descent is also affecting other cryptocurrencies and altcoins, making it difficult for Avalanche (AVAX) bulls to withstand the pressure. The question now is, how long will they be able to hold on?
The pressure on Avalanche (AVAX) is expected to increase even further, as it approaches the 200-day Simple Moving Average (SMA) at $16. This level has been significant in the past, especially in February and March. If bears manage to pull the legs out from under the bulls, Avalanche (AVAX) could free-fall quickly to reach $14.50. This will create a double bottom with the April low at $13.80, resulting in a 15% loss. In short, Avalanche’s (AVAX) fate is tied to Bitcoin’s, and only time will tell how the market will respond.
Cosmos (ATOM) Rejected At $11.5 As The Bears Continues To Hit Hard On The Crypto Market
Since February 2023, Cosmos’ (ATOM) market structure has been predominantly bearish, with the coin’s price experiencing a series of lower highs on the daily timeframe. Despite the bleak market structure, Cosmos (ATOM) has seen a few short-lived bullish rallies.
In April, Cosmos (ATOM) recorded gains of 20%, only for the coin to dip 15.3% from its April high due to BTC’s correction from $30k to $28k. As of press time, Cosmos (ATOM) was trading at $10.9, with sellers continuing to dominate the market as the coin’s latest bullish rally was quickly rejected at the $11.5 price area.
Bulls had set their sights on breaking past the $11.5 level to flip Cosmos’ (ATOM) market structure, but their efforts were unsuccessful. The $10.5 support level of Cosmos (ATOM) has been an essential zone for bulls, but the four-hour timeframe showed that it had been tested three times between 9 March and 27 April. This suggests that the resolve of bulls at that price level of Cosmos (ATOM) might be weakening.
All indications suggest that the bearish momentum in the market will persist. The Parabolic SAR has remained above the price, the RSI has stayed under the neutral 50 and briefly entered the oversold zone, and the Awesome Oscillator has posted several red bars in a row, both above and below the zero mark.
In the short-term, bears are expected to face minimal resistance at the $10.5 level before continuing the downward trend. The target for bears is $8.5, which is a key price area for bulls as it previously served as strong support for Cosmos’ (ATOM) previous bull run.
However, it remains to be seen how bulls will react to the downward pressure and whether they will be able to hold the $8.5 support level.
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