CRYPTO NEWS

Avalanche could drop below $10 – Here is why

Avalanche, like many major coins, has had some reprieve from the crash we saw at the start of the week. Although the coin is down 3% over the last 24 hours, it has managed to stabilize. However, the altcoin is not out of the woods yet; in fact, another major sell-off could be on the way. Here is what you need to know:

  • Low trade volumes in crypto could precipitate a liquidity challenge for AVAX

  • The prospects of a global recession and tight monetary policy are major risk factors.

  • AVAX could drop nearly 50% and bottom below $10 in the coming weeks.

Data Source: TradingView 

Avalanche price analysis and prediction

At the moment, Avalanche appears to be in a consolidation phase. However, this does not mean there is likely bullish momentum. In fact, this consolidation is basically a small reprieve from the massive sell-off reported earlier in the week. We expect Avalanche to resume the downtrend owing to weakened demand in crypto and wary investors. 

Also, as trade volume in the market slows, altcoins will likely face liquidity challenges. This may contribute to a major downfall in the near term. At the moment, AVAX is trading at around $16. The coin still has strong support at the $12 mark. 

However, we don’t think bulls have what it takes to hold it. Instead, AVAX will slide down past $12 and settle at around $9. This will represent a 50% drop from the current price. Nonetheless, this thesis will become invalidated if AVAX reclaims $20.

Why is AVAX falling?

Well, it is a combination of many things. For instance, the overall sentiment in crypto has slowed. As such, coins like AVAX are facing major headwinds. 

Also, we have not seen any major rally for AVAX this year. It turns out that 2022 is a year of corrections. As such, the coin could drop below $10 for the first time in 12 months.

The post Avalanche could drop below $10 – Here is why appeared first on CoinJournal.

Parity Onboards Three New Executives to its Leadership Team

Parity Technologies – the engineering firm behind the initial implementation of Polkadot – has rounded out its leadership team with the addition of three new hires. These include Eran Barak as COO, Fahmi Syed as CFO, and Peter Ruchatz as CMO. As Chief Operating Officer, Eran Barak will be responsible for overseeing people and operations,::Listen

Parity Technologies – the engineering firm behind the initial implementation of Polkadot – has rounded out its leadership team with the addition of three new hires. These include Eran Barak as COO, Fahmi Syed as CFO, and Peter Ruchatz as CMO.

  • As Chief Operating Officer, Eran Barak will be responsible for overseeing people and operations, helping the firm scale to meet its growth needs. He’s previously helped build companies like Thomson Reuters and Symphony Communications, the latter of which raised $450 million under him as CFO.
  • Fahmi Syed previously served as Chief Operating Officer of FIFTHDELTA, Europe’s largest hedge fund of 2021 with $1.25 million in assets under management. He also holds experience with Marshall Wallace’s non-investment team, helping grow its AUM to $45 billion.
  • Finally, Peter Ruchtaz held international leadership roles at Microsoft and Salesforce, while sparking growth for other SaaS businesses, like Celonis. As Chief Marketing Officer, he will oversee marketing and communications and drive market education about Polkadot.
  • Polkadot is a multi-chain protocol that facilitates interoperability between various blockchains. It allows for cross-chain-transfers of tokens and other forms of data.
  • Parity CEO Gavin Wood is the founder of Polkadot, President of the Web 3 foundation, and a former CTO of Ethereum. He, like Charles Hoskinson, eventually migrated from the primary smart-contract platform to develop a now top-20 cryptocurrency.
  • Polkadot recently revealed plans for a next-generation governance model, which alters the “day-to-day” decision-making process for protocol changes.

Avalanche could drop below $10 – Here is why

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