AVAX Plunges Amid Middle East Tensions
AVAX experienced a significant drop of nearly 14% following Israel’s strike on Iran. This decline was steeper than moast other crypto assets. The tension in the Middle East has sparked a risk-off sentiment in the market.
On June 13, AVAX hit a low of $18.53, later recovering slightly to around $19. The market reacted negatively to the geopolitical unrest, with AVAX suffering more than many altcoins. The price fell due to bearish technical indicators.
Though, the market’s focus remains on the technicals. AVAX has formed a double-top pattern at $55.20, indicating a potential for further decline. The price is also within a bearish flag pattern, below key moving averages.
Despite these challenges, Avalanche has some positive news. The network has seen record gas usage and daily transactions,showing strong adoption. This suggests a promising future for AVAX, despite current market conditions.
For more insights,check the AVAX price chart.
