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AVAX Surges 6% After Musk-Trump Dispute Sell-Off

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Crypto markets were shaken on Thursday when U.S. President Donald Trump and Tesla CEO Elon Musk engaged in a heated argument on social media over the U.S. national debt, which cumulated in the world’s richest man endorsing Trump’s impeachment and claiming the twice-elected politician was implicated in the Jeffrey Epstein files.

Avalanche’s token, AVAX AVAX, was among those hit, dropping to as low as $18.48 from $20.14. It has since rise 6% to $19.65 to reclaim nearly 58% of the losses while forming a promising ascending channel pattern with resistance at $19.76, according to CoinDesk Research’s technical analysis model.

The token has lost 1% over 24 hours, while the CoinDesk 20, an index of the top 20 cryptocurrencies by market cap except for stablecoins, exchange coins and memecoins, has dropped 0.85%.

Recent trading sessions show decisive buying pressure, with notable volume spikes coinciding with price surges that briefly pushed AVAX to a local high of $19.76. Market analysis points to the consistent formation of higher lows over the past 14 hours as evidence of strengthening bullish momentum, with the $20.00 psychological level now within reach if current trajectory holds.

Technical Analysis

• AVAX experienced a sharp 8.14% decline from $20.14 to $18.48, with peak selling pressure when volume surged to 3.65 million.

• Strong support established at $18.48, with price subsequently climbing steadily to $19.65, reclaiming 57.8% of losses.

• An ascending channel pattern has formed with resistance at $19.76.

• Notable high-volume support emerged at $18.48-$18.88.

• Consistent higher lows over the past 14 hours indicate strengthening bullish momentum.

• In the last hour, AVAX continued recovery with a 1.01% gain from $19.49 to $19.69.

• Volume spikes occurred (45,299 and 64,948 units), coinciding with price surges to a local high of $19.76.

• Current price action shows strengthening bullish sentiment with support levels around $19.53-$19.55.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

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Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.

This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.

Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.

MSTR shares are up 1.3% premarket.

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Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

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Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.

The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.

Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.

The investigation is still in progress, Europol added.

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Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.

The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.

A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.

The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.

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