Two days after hitting a local low of $17.50, AVAX’s price rose 15% to an intraday high of $19.75 on August 30, as reported by Cointelegrpah.
As per Cointelegraph, following selloffs brought on by a blockbuster CryptoLeaks revelation, the coin made a modest rebound. The day after CryptoLeaks published an unconfirmed video of Kyle Roche, a partner at Roche Freedman, suggesting that he might take legal action against Solana, one of Avalanche’s main competitors, on behalf of Ava Labs, the price of AVAX dropped 3.5%, Cointelegraph noted.
The following day, after the whistleblower website published the complete report and yet another unconfirmed video starring Roche, the token dropped by an additional 7.5%.
Avalanche’s intraday losses also coincided with comparable downtrends in other prominent crypto assets.
The fundamentals of Avalanche are closely related to the cryptocurrency market as a whole, making it vulnerable to further downtrends. AVAX’s price may drop to the $13–$15 region in the near future, independent analyst PostyXBT said, advising traders to “keep BTC in mind” as they position short positions in that direction, Cointelegraph noted.
On the other hand, analyst TraderSZ believes that the price of AVAX will continue to rise over the next few days. His setup, seen below, predicts that the Avalanche coin will reach around $30 in September.
(With insights from Cointelegraph)
Also Read: Bitcoin slips below $20,000; cryptocurrency market to remain unstable
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