Avalanche Price Analysis: What Are The Chances Of AVAX Price Bouncing Back From $10?
Qadir AK25 Aug 20231 min read
AVAX price today attempts another breakdown below the crucial $10 psychological mark. With an intraday fall of 1.10%, a bearish candle cracks below $10 and forms a low of $9.91.
Closing below $10 will mark a strong downtrend and increase the bearish sentiment around Avalanche in the market.
In the 1-day Avalanche chart, the AVAX price trend displays a sharp correction that evaporates the early 2023 bull run gains. With a YTD loss of 7.93%, the recent correction breaks down many crucial demand blocks.
The AVAX price action makes a falling wedge framework with the ongoing correction as its negative cycle. The down cycle accounts for a 32% drop in the last 40 days and is yet to reach the support trendline.
However, the daily RSI line recovers and spikes positively in the oversold arena, signaling a bullish divergence.
Will AVAX Prices Sustain Above $10?
With buyers struggling to hold off the AVAX prices above $10, the increasing selling pressure warns of a continuation. The negative cycle might reach the support trendline of the falling wedge. Moreover, the delay in overall market recovery continues to pressurize altcoins and may crash the AVAX price.
Hence, the breakdown of $10 seems inevitable, and it will mark a selling opportunity until it reaches the trendline close to $9.30. A support level of $9.60 is a level to watch out for sellers.
On the flip side, as RSI predicts, a recovery trend bounces from $10 the AVAX price may recover to $12.30.
