Avalanche ($AVAX) is currently trading at $15.37, facing selling pressure following a scheduled token unlock that occurred yesterday. This situation has led the cryptocurrency to test crucial support levels. As the broader cryptocurrency markets experience a decline, $AVAX is struggling to maintain its position above key moving averages. The recent token unlock involved the release of 1.67 million tokens, contributing to the downward pressure on the price. Investors are closely monitoring the $16 support level, which is critical for the asset’s stability. A breach of this level could signal further declines in the price of $AVAX, raising concerns among traders about the overall market sentiment.
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