AVAX Drops 14% in 24 Hours, Breaks $8.05 Support for First Time Since February

AVAX-3.12%
According to AMBCrypto, Avalanche's AVAX token declined 14% over the past 24 hours as of June 5, breaking its key monthly support level at $8.05 that had held since February. Over 70% of trader positions were shorts, indicating heavy bearish sentiment. Open Interest on the network fell to approximately $159 million, suggesting declining participation among traders despite strong whale activity on the network.
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