AVAX, ALGO among cryptocurrency losers as US inflation hits 40-year high – Market Updates Bitcoin News

AVAX and ALGO were down nearly 10% on Friday, following the release of the latest inflation data in the US. The data showed that inflation is currently at 8.6%, which is close to a 40-year high. Both AVAX and ALGO have approached one-week lows on the news.

Avalanche (AVAX)

The AVAX approached its one-week low on Friday as prices fell following the release of US inflation data.

After a high of $ 25.29 on Thursday, AVAX / USD slid to a low of $ 22.78 at the start of today’s session.

This drop has brought prices close to the $ 22.50 support level and comes as AVAX fell for four consecutive days.

AVAX / USD – Daily chart

Today’s low sees prices trading at their weakest point since last Saturday, with many now waiting to see if we could see even more dips this weekend.

Looking at the chart, the 14-day RSI also appears to have found a low level at the 35 level and, should it hold, we may not see further price slips.

This will be good news for the bulls who will likely wait for reversal signals before re-entering the market.

Algorand (ALGO)

Like AVAX, ALGO also fell in value 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, which is nearly 10% below yesterday’s session high of $ 0.4156.

Today’s low is slightly above the recent support level at $ 0.3665 and is the first time that prices have come this close to that low since June 4th.

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ALGO / USD – Daily chart

The last time this limit was broken was on May 12, when ALGO hit its lowest point since January 2021.

Since then, this level has been relatively long-lasting, however after this week’s dip, there has been more pressure from bears looking to regain a new eighteen month low.

Will we see the bears break out of ALGO’s $ 0.3665 support level this weekend? Let us know what you think in the comments.

Eliman Dambell

Eliman offers an eclectic point of view to market analysis, having worked as a brokerage director, retail trade educator and market commentator in Crypto, Stocks and FX.

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