Sunday, July 21, 2024

The cryptocurrency markets have been abuzz lately with news of AVAX and DOT plummeting to their lowest points in two weeks. Tuesday saw AVAX nosedive past the $17.50-floor, and DOT isn’t faring any better. Though Bitcoin shows some promise of a potential upturn, it appears this selloff may linger further. As of writing, the global cryptocurrency market capitalization has dropped by 1.01%, indicating a concerned state for the industry as investors grapple with the recent losses. In this article, we will explore the current status of these two major currencies and examine what could be causing such a shift in their prices.

Avalanche (AVAX) Plunges to Two-Week Low — Could 40

The crypto markets have been abuzz as Avalanche (AVAX) has hit a two-week low on Tuesday. The AVAX/USD pair dropped to a bottom of $17.39 in the day’s session and everything seemed to point to further weakness when the price strength dropped below a floor at 43.00.

The current outlook for AVAX/USD is one of uncertainty, as the next visible point of support is near the $40.00 mark. If that mark is reached, it could be fatal for AVAX as there is a strong chance it will move even lower than $17.00.

AVAX/USD – Daily Chart
AVAX/USD – Daily Chart

Investors are hoping that AVAX can find a way to buck the trend and make some headway in the coming days. But for now, all signs seem to be pointing to an extended bear run for the digital asset. The technical indicators also show signs of a continued downtrend, so investors should exercise caution when investing in AVAX.

It remains to be seen whether or not AVAX will be able to make any gains in coming days, but one thing is certain – it still has plenty of room to fall before hitting rock bottom.

Polkadot (DOT) Plunges Despite Bitcoin Surge, Selloffs Persist

The crypto markets were abuzz after Polkadot (DOT) extended recent losses falling for a second straight session. DOT was under pressure from the start of the trading day and breached the psychological level of $20.00 before free-falling to a low of $19.17. The selloff came despite solid gains seen in Bitcoin and other major cryptocurrencies, which saw a surge in demand following bullish sentiment pushed by Tesla’s BTC buy-in news.

The plunge was sharp and swift as a majority of traders exited their positions in fear of further losses, leading the cryptocurrency to underperform its peers on the day despite some occasional bouts of buying activity at lower levels. Technical indicators such as Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggested that selling pressure will continue to weigh on DOT prices in the near-term.

DOT/USD – Daily Chart
DOT/USD – Daily Chart

It remains to be seen how much deeper the currency will fall given that major support levels remain untested at this stage, with only a few tokens like Uniswap (UNI) being able to find stability in the face of heavy selling pressure. Nevertheless, there is hope that AVAX may recover if buyers return with enough momentum as there are still some major catalysts due for release in the days ahead such as Ethereum’s upcoming network upgrade. For now, holders need to be aware that any corrective rally may not have enough oomph to push DOT away from its current 2-week low.

The cryptocurrency markets have been awash with activity in recent weeks, with both Avalanche (AVAX) and Polkadot (DOT) suffering significant losses. While Bitcoin has continued to surge and the market remains optimistic, the dips in both AVAX and DOT highlight the ever-shifting nature of the cryptomarkets. Ultimately, investors must remain vigilant and informed so they can make sound decisions within the ever-changing landscape of the crypto world.


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