AVAX, ALGO and other indexes fell nearly 10% Friday after the US released the most recent inflation numbers. The data showed that the current inflation rate is 8.6%. This is close to its 40-year peak. AVAX as well as ALGO both fell to their lowest levels in one week, according to the news.
Avalanche (AVAX)
AVAX was close to the one-week mark on Friday as prices dropped following U.S. Inflation data.
Following a high of $25.29 on Thursday, AVAX/USD slipped to a low of $22.78 earlier in today’s session.
Prices fell to close to $22.50 and this is the fourth consecutive day of AVAX drops.
Today’s low sees prices trade at their weakest point since last Saturday, with many now waiting to see if we could see even more drops this weekend.
The 14-day RSI looks like it also has a floor at level 35. Should this be the case, there may not be any more price slips.
Bulls will welcome this news, and will wait to see if there are any signs that the market is reversing before entering again.
Algorand, ALGO
Like AVAX, ALGO also dropped in value during today’s session, as it too hit its lowest point this week.
As of writing, ALGO/USD hit an intraday low $0.3696, which is nearly 10% below its peak of $0.4156 from yesterday’s session.
Today’s low is slightly above the recent support level at $0.3665, and it’s the first time prices have moved this close to that floor since June 4.
ALGO’s lowest point since January 2021 was the last time that this floor was broken.
Since then, this level has been relatively durable, however after this week’s decline, there is added pressure from bears looking to recapture a new eighteen-month low.
Will we see bears break ALGO’s support level of $0.3665 this weekend? We’d love to hear your comments.
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