AVAX Slides 9.75% Amid Geopolitical Turmoil — But Charts Warned Early
Avalanche (AVAX) suffered a steep decline on June 13, plunging over 14% to a low of $18.53 following Israel’s military strike on Iran. Though the token later steadied around $19, it still closed the day down 9.75%, outpacing losses across much of the crypto market.
AVAX was hit harder than most top-100 tokens, with only 23 posting steeper losses. The drop came as geopolitical uncertainty rattled markets, driving investors toward safe-haven assets. Surging oil prices and inflation concerns only deepened the risk-off sentiment.
But the pullback wasn't just driven by news headlines — technical indicators had already been flashing red. AVAX has been locked in a long-term bearish setup since forming a double-top near $55.20 earlier in 2024. After failing to break that resistance, the price tumbled below $15, confirming the pattern’s downside bias.
Currently, AVAX remains trapped within a bearish flag formation and is trading near the lower edge of a rising channel. Its price sits below all key simple and exponential moving averages — a clear sign that momentum remains against the bulls.
Still, Avalanche’s fundamentals paint a more optimistic long-term picture. Despite the bearish trend, the network continues to post impressive growth metrics: a record 2.6 trillion in gas usage, a peak of 18.1 million daily transactions, and all-time highs in transactions per second. These milestones underscore Avalanche’s scalability and increasing adoption — a potential lifeline once market conditions stabilize.