Avalanche (AVAX) experienced one of the steepest declines among major altcoins on Friday, June 13, dropping over 14% in the wake of Israel’s military strike on Iran. The heightened geopolitical tensions triggered a wave of risk-off sentiment across financial markets, sending crypto assets tumbling as investors sought safer ground.
At its lowest point, AVAX traded at $18.53 before recovering slightly to $19.00, marking a daily loss of approximately 9.75%. While most cryptocurrencies suffered losses amid rising oil prices and inflation fears, AVAX ranked among the top 25 hardest-hit tokens out of the top 100 by market capitalization, according to market data reviewed by TheCoinInfo.
The sharp decline was fueled not just by global risk aversion but also by Avalanche’s ongoing technical weakness. Since peaking at $55.20 earlier in 2024, AVAX has failed to regain its bullish momentum, forming a long-term double-top pattern — a classic bearish indicator. After breaking below the $15 level earlier this year, the token has struggled to find meaningful support or spark a reversal.
AVAX is also trading within a bearish flag formation, hovering near the lower bound of a rising channel pattern. Price action remains subdued below all key simple and exponential moving averages, confirming that the token remains under downward pressure with no clear breakout signals in sight.
Is There a Silver Lining?
Despite the bearish technical setup and market-wide sell-off, Avalanche has notched several significant milestones in recent weeks that suggest long-term strength. According to network data, the Avalanche blockchain hit a new all-time high in gas usage at 2.6 trillion units, recorded 18.1 million daily transactions, and set a new record for transactions per second.
These metrics point to increased network activity, rising adoption, and robust scalability — key fundamentals that may support a future price recovery once macroeconomic and geopolitical headwinds subside.
While short-term technicals remain bearish and market sentiment is shaky, Avalanche’s steady performance on the utility front could help reinforce investor confidence in the long run.
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