AVAX Plummets 14% Post Israel-Iran Clash: A Crypto Bloodbath

Hold onto your hats, folks! AVAX just took a nosedive, crashing nearly 14% after Israel's bombshell strike on Iran. This altcoin got hit harder than most, thanks to some seriously bearish vibes in the market.

It's a crypto massacre out there! Altcoins are bleeding after Israel's attack on Iran sent shockwaves through the market, fueling fears of a full-blown Middle East meltdown. On Friday, June 13, Avalanche (AVAX) tanked over 14%, hitting a rock-bottom low of $18.53. It clawed back a bit to hover around $19, but still ended the day down a gut-punching 9.75%.

Avalanche wasn't the only altcoin feeling the heat, as traders ditched risk for safety. With oil prices soaring and inflation fears skyrocketing, it's a mad dash to safe-haven assets. But AVAX? It took a worse beating than most, with only 23 out of the top 100 tokens seeing a more brutal drop.

Why the bloodbath? Blame it on some seriously weak technicals, like a long-term bearish pattern that's been haunting AVAX since 2024. The token formed a double-top at $55.20, then crashed below $15 faster than you can say "sell." This pattern's a red flag, suggesting AVAX will face some serious resistance before it can even think about bouncing back.

And if that's not enough, AVAX is still stuck in a bearish flag pattern, flirting with the bottom of its rising channel. It's trading below all the key moving averages, showing that the momentum's just not there.

What's next for AVAX?

Despite the doom and gloom, there's a glimmer of hope for Avalanche. The ecosystem's been dropping some seriously positive news lately, hinting at a brighter long-term future. The network's been hitting some crazy milestones in usage.

We're talking an all-time high in gas usage at a mind-blowing 2.6 trillion, a record-breaking 18.1 million daily transactions, and transactions per second that'll make your head spin. It's part of a bigger trend of steady growth and adoption. And it's proof that this network can scale up and handle some serious volume.