Avalanche (AVAX) is currently testing critical support at the $15.50 level, which has held as a psychological and technical barrier since May 2023. The price has been trading below both the 50-day ($27.80) and 200-day ($29.20) moving averages, indicating sustained bearish pressure. Volume profile shows diminished activity during recent sell-offs, suggesting potential exhaustion rather than enthusiastic selling.
The daily RSI sits at 36, approaching oversold territory but not yet exhibiting clear bullish divergence. The MACD indicator remains below its signal line, though the histogram shows signs of convergence, hinting at weakening downward momentum. Immediate resistance awaits at $27.80 (50-day MA), with stronger resistance at the $30.20 Fibonacci retracement level.
AVAX's ecosystem growth continues with steady institutional adoption, particularly in tokenized assets and subnet deployments. However, these fundamentals have failed to counter broader market sentiment. A decisive break below $25.50 could trigger accelerated selling toward the next significant support at $22.80. Conversely, a reclaim of the $27.80 level might signal near-term bottom formation. Traders should monitor Bitcoin's movement for directional cues, as AVAX maintains a 0.78 correlation with BTC over the past 30 days.
The daily RSI sits at 36, approaching oversold territory but not yet exhibiting clear bullish divergence. The MACD indicator remains below its signal line, though the histogram shows signs of convergence, hinting at weakening downward momentum. Immediate resistance awaits at $27.80 (50-day MA), with stronger resistance at the $30.20 Fibonacci retracement level.
AVAX's ecosystem growth continues with steady institutional adoption, particularly in tokenized assets and subnet deployments. However, these fundamentals have failed to counter broader market sentiment. A decisive break below $25.50 could trigger accelerated selling toward the next significant support at $22.80. Conversely, a reclaim of the $27.80 level might signal near-term bottom formation. Traders should monitor Bitcoin's movement for directional cues, as AVAX maintains a 0.78 correlation with BTC over the past 30 days.
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