📉 Avalanche (AVAX) has breached its January low at $27.3 and is currently testing critical support at $25.5 amid a volatile cryptocurrency market.
📉 Since May 22nd, AVAX has declined by over 40%, with a recent 3% surge sparking concerns of either a deeper collapse or a potential reversal. As of now, AVAX is trading at $25.21.
📊 Technical indicators such as the stochastic RSI (4.96) suggest an oversold condition, hinting at a possible rebound from current levels. The MACD also indicates weakening bearish pressure.
📈 IntoTheBlock's holder data shows a balanced sentiment, with 48% of holders in profit and 52% in loss. Significant whale activity, accounting for 71% concentration, highlights potential price impact.
🔄 AVAX's strong correlation (0.86) with Bitcoin suggests its price trajectory may closely follow Bitcoin's movements in the near term.
📈 Analysis of social volume and whale activity by Santiment indicates heightened trader interest, supported by stable coin holdings by major holders, potentially biasing AVAX towards a bullish outlook.
⚖️ Coinglass long/short data reflects fluctuating positions, currently favoring short positions, signaling short-term market control by bears.
🔮 Looking ahead, AVAX faces critical support at $24.49. A breakdown could lead to further declines, while holding above this level could pave the way for a rebound towards resistance at $29.22.
Top comments (0)