Insights

Avalanche crypto just dipped 8%. Is it a buy?

It could be an attractive entry point for investors.
The post Avalanche crypto just dipped 8%. Is it a buy? appeared first on The Motley Fool Australia. –

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Today, investors in Avalanche (CRYPTO: AVAX) are seeing some pretty consistent declines. Over the past 24 hours, the AVAX token had dropped more than 8% as of 1:30 p.m. ET on Wednesday. 

Today’s move is a continuation of yesterday’s decline, which has seen AVAX drop from its high of more than $146 per token on Monday, to around $117 at the time of this writing.

This decline comes on the heels of a widespread crypto market sell-off that many are linking to today’s news that India is moving forward with a bill to officially ban cryptocurrencies in that key market.

So what

Avalanche has been one of the fastest-rising cryptocurrencies of late. On Monday, this token took the No. 10 spot in the cryptocurrency rankings, before falling to 11th today after its latest declines.

The key catalyst for Avalanche in hitting new all-time highs earlier this week was a high-profile partnership with consulting firm Deloitte. It appears Deloitte is fond of Avalanche’s underlying blockchain technology, and has sought it out as its partner of choice to support its work with the Federal Emergency Management Agency (FEMA).

What Deloitte is looking to do is find a way to aggregate and validate FEMA’s claims. Using blockchain technology, this is the latest value-added vertical that investors have pointed to as validation that blockchain creates real-world utility outside of being a decentralized means of transferring money.

Now what

This is certainly a big-name partnership. Avalanche’s profile in the crypto community is rightly elevated by this deal. Accordingly, there’s a tremendous amount of excitement building around Avalanche and the AVAX token right now.

Today’s decline appears to be a more-technical, market-driven move. Thus, those looking for exposure to Avalanche have what appears to be a juicy dip to buy here.

Ultimately, time will tell if this dip was one worth buying. But it sure looks attractive to those who think they might have missed the boat on Avalanche this past week. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Avalanche crypto just dipped 8%. Is it a buy? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Here’s why the Nufarm (ASX:NUF) share price is falling today

ASX 200 (ASX:XJO) midday update: EML rockets, NAB given ACCC green light

EML (ASX:EML) share price rockets 17% on new programs green light from regulator

Here’s why the Serko (ASX:SKO) share price is crashing 10% lower today

ASX retail shares in focus as CBA forecasts bumper Black Friday weekend

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!