#AVAX the Avalanche alert 🚨, experienced a drop to $54, causing instability and resulting in many long liquidations.

Traders who opened long positions on the 27th of March suffered losses, with contracts valued at $316,200 being wiped out in the last 24 hours.

The longs accounted for $277,890, while short liquidations stood at $38,310. This liquidation occurs when a trader's position is forcefully closed because they do not have enough collateral to keep it open or when the market moves in the opposite direction.

Trading sentiment for AVAX appears bearish, with only 8% of traders being bullish and 33% betting on the price to decrease.

Technical indicators also suggest a bearish trend, with the Supertrend flashing a sell signal at $58.23 and a buy signal at $53.96.

However, despite the short-term potential, AVAX is expected to perform well in the long run due to its fundamentals and the Real World Assets (RWAs) narrative.$AVAX #Memecoins