HashKey-backed AVAIL drops over 8% after Binance Alpha listing

AVAIL, the native crypto of modular blockchain infrastructure platform Avail, has secured a listing on Binance Alpha.

In a June 20 X post, crypto exchange Binance announced that AVAIL has been listed on Binance Alpha, the exchange’s early-access section that showcases trending and promising Web3 projects.

As part of the launch, Binance Alpha is hosting an exclusive airdrop campaign, which will be completed in two phases over the day. Users can claim AVAIL tokens using their Alpha Points, Binance’s reward system for early engagement.

The platform also revealed the launch of an AVAIL trading competition for its users with a prize pool of 32,500,000 AVAIL tokens worth around $1 million.

AVAIL dropped over 8% shortly following the listing. As of press time, the token was exchanging hands at $0.028. The sell-off was likely triggered by traders offloading their airdropped tokens.

It is important to clarify that a Binance Alpha listing does not imply automatic inclusion on Binance’s main exchange. Nonetheless, projects that perform well on Alpha, measured by user engagement, liquidity, and market traction, are often considered for potential spot listings.

Avail initially conducted its Token Generation Event on July 23, 2024, and is already listed on other prominent exchanges, including HTX, Gate, KuCoin, and Bybit.

Avail price analysis

On the daily chart, AVAIL is approaching the upper boundary of a multi-week descending wedge pattern, a formation that historically signals a potential bullish reversal if a confirmed breakout occurs.

However, the token continues to trade below its 50-day simple moving average, indicating that short-term momentum remains weak. Additional momentum indicators, including the MACD and RSI, are trending downward, reinforcing the current bearish sentiment.

Given these conditions, AVAIL is likely to extend its decline toward the next key support level near $0.025.

As of now, a recovery toward its May high of $0.04 remains unlikely unless sell pressure fades and broader sentiment shifts.