{"id":342746,"date":"2021-09-22T16:00:45","date_gmt":"2021-09-22T13:00:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/avalanche-recovers-from-evergrande-led-sell-off-as-avax-rebounds-over-30\/"},"modified":"2021-09-22T16:00:45","modified_gmt":"2021-09-22T13:00:45","slug":"avalanche-recovers-from-evergrande-led-sell-off-as-avax-rebounds-over-30","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/avalanche-recovers-from-evergrande-led-sell-off-as-avax-rebounds-over-30\/","title":{"rendered":"# Avalanche recovers from Evergrande-led sell-off as AVAX rebounds over 30%"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a409b3d45f09\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a409b3d45f09\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/avalanche-recovers-from-evergrande-led-sell-off-as-avax-rebounds-over-30\/#Avalanche_raises_250_million\" >Avalanche raises $250 million<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/avalanche-recovers-from-evergrande-led-sell-off-as-avax-rebounds-over-30\/#Bearish_technicals\" >Bearish technicals<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Avalanche recovers from Evergrande-led sell-off as AVAX rebounds over 30% <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Avalanche (AVAX) prices recovered on Sept. 22, paring a portion of losses that hit cryptocurrencies at the beginning of this week, led by worries about potential contagion in China\u2019s housing market.<\/p>\n<p>The AVAX\/USD exchange rate surged by as much as 12.05% to log an intraday high at $66.08. The pair\u2019s gains came as a part of an interim rebound that started Tuesday after it bottomed out at a local low of $50.68. As a result, AVAX\u2019s net rebound stretched by up to 30.37%.<\/p>\n<p>Cointelegraph\u2019s\u00a0VORTECS\u2122\u00a0Score also flipped bullish ahead of the Avalanche token rally.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/216bf69c-1537-4e9c-bb56-45e4bde24ce6.png\"><figcaption style=\"text-align: center;\"><em>AVAX price vs. VORTECS\u2122 Score. Source: Cointelegraph Markets Pro<\/em><\/figcaption><\/figure>\n<p>The VORTECS\u2122 Score is an algorithmic indicator comparing historical market and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> conditions around each coin to those currently observed. Exclusively available to subscribers of Cointelegraph Markets Pro, each asset\u2019s VORTECS\u2122 Score indicates whether the present combination of the coin\u2019s market and social metrics is historically bullish, bearish or neutral.<\/p>\n<p>As shown in the chart above, the asset\u2019s VORTECS\u2122 line turned green (corresponding to values above 66) on Sept. 22 against a price of $61.22. Later, AVAX logged sizable gains.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Avalanche_raises_250_million\"><\/span>Avalanche raises $250 million<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Monday, the Avalanche token\u2019s price had fallen by 18.18% to $57.34. Its losses imitated concerns across the global market as investors weighed the downside risks coming from the Evergrande debt crisis. As a result, all the major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), fell in sync with global stock bourses.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/9c685353-7ddb-40af-a34d-f096e251d164.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The performance of top 15 crypto tokens on a 24-hour adjusted timeframe. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The bearish shock in the Avalanche market came despite its healthy fundamentals. In detail, AVAX\/USD had surged to a new record high at $77.37 on Binance on Sunday, days after raising $230 million in an AVAX sales round led by Polychain and Three Arrows Capital.<\/p>\n<p>Avalanche\u2019s funding came against the backdrop of top rival Ethereum\u2019s ongoing network issues, including bandwidth congestion and higher transaction fees. The young blockchain project, which claims to process over 10,000 transactions per second (TPS) compared to Ethereum\u2019s 13 TPS,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/avalancheavax\/avalanche-foundation-announces-180m-defi-incentive-program-d320fdfafff7\">already has more than 270 projects<\/a> building atop its public ledger, including\u00a0Tether, SushiSwap, Chainlink, Circle and The Graph.<\/p>\n<p>\u201cAVAX aims at a new price discovery above $100 in the medium to long term,\u201d said\u00a0Gustavo De La Torre, Business Development Director at N.exchange, in a statement to Cointelegraph.<\/p>\n<blockquote><p>\u201cThe growth potential can be supported by the fundamental utility, which presents it as a major competitor to the Ethereum blockchain as a smart contract hub.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Bearish_technicals\"><\/span>Bearish technicals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite its recovery, the AVAX\/USD rate rally may reach a point of exhaustion as it forms a textbook bearish pattern.<\/p>\n<p>Dubbed as a\u00a0rising wedge, the structure <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears when the price consolidates between upward sloping support and resistance trendlines looking to converge at a later point. Rising wedges are usually bearish reversal patterns, with price targets located at a length equal to the structure\u2019s maximum height.<\/p>\n<p><strong><em>Related: DeFi platform Vee Finance exploited for $35M on Avalanche blockchain<\/em><\/strong><\/p>\n<p>Avalanche prices appear to have been fluctuating inside a rising wedge pattern. As a result, the maximum net distance between the structure\u2019s upper and lower trendline comes to be $19.51.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/0d8c8b33-db5a-4345-ae0f-a56dbec2dfd9.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>AVAX\/USD daily price chart featuring rising wedge setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Depending on the breakout point, the AVAX\/USD wedge target could be $19.51. The chart above assumes two breakout levels based on their historical significance as support and resistance. As a result, Avalanche risks falling anywhere between $42.30 and $58.69 in the coming sessions.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/avalanche-recovers-from-evergrande-led-selloff-as-avax-rebounds-over-30\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Avalanche recovers from Evergrande-led sell-off as AVAX rebounds over 30% &#8221; Avalanche (AVAX) prices recovered on Sept. 22, paring a portion of losses that hit cryptocurrencies at the beginning of this week, led by worries about potential contagion in China\u2019s housing market. The AVAX\/USD exchange rate surged by as much as 12.05% to log&#8230;<\/p>\n","protected":false},"author":1,"featured_media":342747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNjE5NTMyMGQtMjBhMS00MzkwLTg4MWEtMTY5Yjk1NTAyYTkyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,79806,80542,75952,74863,81262,74983,74939,75679,4973,73785,71407],"class_list":["post-342746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-analysis","tag-cointelegraph","tag-cointelegraph-consulting","tag-cryptocurrencies","tag-cryptomarket","tag-decentralization","tag-market-analysis","tag-market-capitalization","tag-china","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/342746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=342746"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/342746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/342747"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=342746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=342746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=342746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}