Avalanche's AVAX Plunges Below $20.30 Amidst Global Economic Storm

Avalanche's AVAX Token Drops Below $20.30 Amidst Growing Macroeconomic Concerns

Avalanche's AVAX token experienced a significant 8.46% decline on February 28, 2025, amidst a bearish market sentiment. This downturn was influenced by several factors, including US President Trump's tariff policies, regulatory concerns, and the recent Bybit hack, which shook the overall market sentiment. As a result, the crypto market witnessed a tumble, with prominent coins like AVAX facing deep declines. This leaves traders questioning the viability of AVAX as a noteworthy investment at the moment.

Let's analyze the AVAX price movement over the last 24 hours on the daily chart for a clearer understanding of the situation.

On February 27, 2025, the AVAX trading day exhibited dynamic price action within a specific trading range. The day began with a brief price decline, but at 00:25 UTC, a Golden Cross on the Moving Average Convergence Divergence (MACD) indicator signaled an uptrend. Consequently, the AVAX price started to move in an upward channel and reached its peak at $23.38. However, at 10:35 UTC, a pin bar followed by a full-body red candle indicated a sharp price decline.

A Death Cross on the MACD and an overbought Relative Strength Index (RSI) situation at 10:35 UTC suggested a possible downtrend. As expected, the AVAX price began to fall, entering a phase of a downward channel, and dropped to $21.99. At 21:05 UTC, a Golden Cross on the MACD signaled an uptrend, and AVAX's price moved upward, resisted, and closed at $22.55.

On February 28, 2025, Avalanche's trading day began with a downward trajectory, demonstrating strong bearish momentum. In the early trading session, at 00:10 UTC, AVAX's price resisted at $22.60 and began to fall. A Death Cross on the MACD at 00:30 UTC affirmed this downturn. At 01:15 UTC, the price broke the support at $21.9