Avalanche (AVAX) rebounds 15% after sell-off

0

Last Updated on 31 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

On the daily chart, AVAX is down -2.4% and a lot has been happening with this coin and its company. Recently, the bulls snubbed the claims that Ava Labs paid lawyers to damage the competitor’s reputation.

AVAX established a high of $19.75 yesterday, just days after bottoming at $17.50. This recovery followed the allegations that led to the sell-off due to CryptoLeaks Report. On that specific leak date, AVAX fell by 3.5% when CryptoLeaks released the unverified video of Kyle Roche. In the video, Kyle Roche said he would sue Solana on behalf of Ava Labs.

And within the next day, the token fell by a whopping 7.5%. That happened after the whistle-blower website released a full report that included another unverified video of Roche.

However, traders such as TraderSZ, contrary to public opinion, tweeted that AVAX’s price will continue to recover in the coming days. According to his setup, AVAX will reach $30 within September. And in simple terms, AVAX could potentially go bullish by over 55% of its current price, and that’s a considerable gain.

Advertentie.

AVAX’s future: Is it worth investing in?

The AVAX coin has consistently registered double-digit gains even when big league cryptos such as BTC and ETH couldn’t within the same period. Undoubtedly, AVAX has a solid community behind it, not to mention Avax Labs. However, it’s always good to do your own research before investing in any crypto.

Remember, cryptos are known for their volatility, and that could put your investment at risk. That said, as much as AVAX shows promise of a bullish trend in the coming days, the coin was highlighted for something negative. Whether verified or not, such allegations could potentially affect the future of this coin in the coming days.