Shares of AVAX and ALGO fell almost 10% on Friday after the release of the latest US inflation data. The data showed that inflation is currently at 8.6%, close to a 40-year high. On the news, AVAX and ALGO shares approached weekly lows.
AVAX approached a weekly low on Friday as prices fell following the release of US inflation data.
After a high of $25.29 on Thursday, AVAX/USD fell to a low of $22.78 at the start of today’s session.
This drop brought prices closer to their $22.50 support level and was due to AVAX falling for four days in a row.
Today’s low shows that prices are trading at their weakest point since last Saturday and many are now waiting to see if we will see more drops this weekend.
Looking at the chart, the 14-day RSI looks like it has also found floor at 35 and if that holds we may not see any further drawdowns in price.
This will be positive news for the bulls, who are likely to wait for any signs of a reversal before re-entering the market.
Like AVAX, ALGO also fell in price during today’s session, as it also reached its lowest point this week.
At the time of writing, ALGO/USD hit an intraday low of $0.3696, almost 10% below its $0.4156 high in yesterday’s session.
Today’s low is slightly above the recent support at $0.3665, and for the first time since June 4, prices have come close to that level.
This level was last broken on May 12 when ALGO hit its lowest level since January 2021.
The level has been relatively solid since then, but after this week’s decline, there is additional pressure from bears looking to re-establish a new 18-month low.
Will we see bears break through ALGO’s $0.3665 support level this weekend? Let us know your thoughts in the comments.
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