Avalanche Price Drops Below Key Trendline, Signals Potential Bearish Shift
Avalanche (AVAX) has dropped below a significant 4-hour trendline, indicating a potential shift from bullish to bearish momentum. This decline raises concerns over further downside pressure if buyers do not regain control.
Failure To Reclaim May Trigger New Lows For Avalanche
- The price breach suggests increasing selling pressure.
- AVAX is currently retesting the broken trendline, crucial for confirming or invalidating the breakdown.
- If bulls push above the trendline, a rebound may occur.
- A failure to reclaim could lead to a correction towards $21 and lower.
Momentum Fades As RSI Weakens
- The Relative Strength Index (RSI) shows signs of weakness, supporting the bearish outlook.
- Price action between $22.8 to $23.0 is critical; this area now serves as potential resistance.
- A rejection at this level could reinforce bearish trends and lead to further declines.
Currently, Avalanche trades at approximately $23.74, reflecting a 6.61% increase in price over the past 24 hours, alongside a 5.72% rise in trading volume.
