Biggest Movers: AVAX, ALGO Among Crypto Losers as U.S. Inflation Hits 40-Year High

Avalanche (AVAX)

AVAX moved close to a one-week low on Friday, as prices fell following the release of U.S. inflation data.

Following a high of $25.29 on Thursday, AVAX/USD slipped to a low of $22.78 earlier in todays session.

This drop took prices close to their support level of $22.50, and comes as AVAX has dropped for four consecutive days.

AVAX/USD – Daily Chart

Todays low sees prices trade at their weakest point since last Saturday, with many now waiting to see if we could see even more drops this weekend.

Looking at the chart, the 14-day RSI does look as though it has also found a floor at the 35 level, and should this hold, then we may not see any additional slips in price.

This will be positive news for bulls who will likely wait for any signs of reversals prior to re-entering the market.

Algorand (ALGO)

Like AVAX, ALGO also dropped in value during todays session, as it too hit its lowest point this week.

As of writing, ALGO/USD hit an intraday low $0.3696, which is nearly 10% below its peak of $0.4156 from yesterdays session.

Today‘s low is slightly above the recent support level at $0.3665, and it’s the first time prices have moved this close to that floor since June 4.

ALGO/USD – Daily Chart

The last time this floor was broken was on May 12, which saw ALGO hit its lowest point since January 2021.

Since then, this level has been relatively durable, however after this weeks decline, there is added pressure from bears looking to recapture a new eighteen-month low.