June 25, 2022

MotleyBloggers

News from the world of bitcoin

Biggest Movers: AVAX, ALGO Among Crypto Losers as U.S. Inflation Hits 40-Year High

AVAX and ALGO both fell by nearly 10% on Friday, following the release of the latest inflation figures in the United States. Data showed that inflation is currently at 8.6%, which is close to a 40-year high. Both AVAX and ALGO moved close to one-week lows on the news.

Avalanche (AVAX)

AVAX moved close to a one-week low on Friday, as prices fell following the release of U.S. inflation data.

Following a high of $25.29 on Thursday, AVAX/USD slipped to a low of $22.78 earlier in today’s session.

This drop took prices close to their support level of $22.50, and comes as AVAX has dropped for four consecutive days.

AVAX/USD – Daily Chart

Today’s low sees prices trade at their weakest point since last Saturday, with many now waiting to see if we could see even more drops this weekend.

Looking at the chart, the 14-day RSI does look as though it has also found a floor at the 35 level, and should this hold, then we may not see any additional slips in price.

This will be positive news for bulls who will likely wait for any signs of reversals prior to re-entering the market.

Algorand (ALGO)

Like AVAX, ALGO also dropped in value during today’s session, as it too hit its lowest point this week.

As of writing, ALGO/USD hit an intraday low $0.3696, which is nearly 10% below its peak of $0.4156 from yesterday’s session.

Today’s low is slightly above the recent support level at $0.3665, and it’s the first time prices have moved this close to that floor since June 4.

See also  Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday
ALGO/USD – Daily Chart

The last time this floor was broken was on May 12, which saw ALGO hit its lowest point since January 2021.

Since then, this level has been relatively durable, however after this week’s decline, there is added pressure from bears looking to recapture a new eighteen-month low.

Tags in this story

Will we see bears break ALGO’s support level of $0.3665 this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer