- Avalanche crypto price has been in a tight range in the past few days.
- The token is hovering near the lowest level this year.
- The total value locked in the DeFi ecosystem has dropped recently.
Avalanche price has moved sideways in the past few days as demand for the token retreated. AVAx coin rose to a high of $13.32, a few points above last month’s low of $10. In all, Avalanche has crashed by more than 41% from the highest point this year, giving it a market cap of over $4.6 billion.
DeFi TVL wavers
Avalanche is one of the many Ethereum alternatives that help developers build decentralized applications (dApps). It is known for being fast and with low transaction costs. Avalanche can handle thousands of transactions per second.
Avalanche has a total value locked (TVL) of more than $1.8 billion. The biggest dApps in its ecosystem are Wonderland, AAVE, Benqi, GMX, and Trader Joe among others. Wonderland has a TVL of $715 million while AAVE has a TVL of over $300 million.
Avalanche’s growth has been falling in the past few months. At its peak, the network had over 360 million AVAX in its TVL. Its 24-hour inflows were over $31 million while the revenue in its ecosystem came in at over $32,570.
Avalanche has 116k token holders and the number has been growing slowly. In June, there were about 114k token holders in its ecosystem.
Avalanche price prediction
The daily chart shows that the AVAX token formed a double-top pattern at $21.52 between February and April this year. In price action analysis, this pattern is usually a bearish sign. The neckline of this pattern was at $13.84.
Avalanche price dropped to a low of $10.61 in June. It has now rebounded and retested the neckline of the double-top pattern at $13.84. The coin has moved to the 25-day and 50-day moving averages.
Avalanche’s volume has also continued falling in the past few days. Therefore, there is a likelihood that the coin will have a bearish breakout as sellers target the next key support at $10.
