Avalanche (AVAX) is down 3% in the last 24 hours, making it one of the worst performers among the top 30 cryptocurrencies by market cap. It is trading below $9.30 on Thursday after being rejected at the key resistance zone the previous day. The broader market turned bearish a few hours ago as Iran opened fire on three ships in the Strait of Hormuz, with the United States maintaining a blockade. Meanwhile, the bearish sentiment strengthens as AVAX’s institutional demand remains muted and as derivatives metrics weaken.
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