AVAX Price Plunges After Token Unlock Event

The price of AVAX is currently hovering around $6.27 as it struggles to break through the brick ceiling formed by its moving averages.

However, the recent token unlock event on July 21 has put significant pressure on the market, causing a 4.3% decline in the last 24 hours.

The situation is uncomfortable for investors due to AVAX's price sitting roughly 31% below its 200-day moving average of $9.05, making it difficult to close this gap with just a weekend pump.

Technical indicators are also painting a bearish picture, with all moving averages above the current price and momentum stalled, indicating that neither side has conviction to push hard.