AVAX's recent decline has intensified, falling nearly 9% in the past 24 hours. Coinpedia believes that the initially anticipated catalyst of its Nasdaq listing has ultimately become a classic case of "profit-taking."

Nasdaq news failed to boost

Following the Nasdaq listing of AVAX-related financial companies, the market did not continue to chase the rally. Instead, some funds chose to exit after the news was released, causing short-term sentiment in the AVAX ecosystem to cool down rapidly.

$8 support broken

AVAX has been fluctuating between approximately $8 and $11 for most of the year. Now that the lower boundary has been broken, the price has lost key support, and the short-term trend has weakened further.

Selling pressure is still accumulating.

The article points out that AVAX has now fallen below its major moving averages, making it more susceptible to selling pressure during rebounds. If the price fails to regain its footing around $8, the market may continue searching for the next support level.

Additional information:Coinpedia also noted that the increased trading activity did not help the bulls; instead, it showed that bearish sentiment still prevailed.