- AVAX has experienced a decline over the past 30 days, dropping by 11.89%
Analysts expect massive sell-offs if prices decline below the $22.84 support level.
As a seasoned crypto investor with over a decade of experience in this volatile market, I have learned to navigate through bull runs and bear markets with cautious optimism. The recent decline in AVAX‘s price has been a bit concerning, but not entirely unexpected given the overall market sentiment.
Over the last 30 days, Avalanche [AVAX] experienced a considerable decline of over 11.89%. However, there was a slight recovery over the last seven days, reporting a 1.61% gain on the weekly charts.
Even with these advancements, AVAX‘s value has stayed comparatively lower than its peak of $33.02 and is currently 85% lower than its all-time high reached three years ago.
Given the present market trends, analysts are keeping a close watch for potential additional growth. Notably, crypto analyst Trade Devils noticed an uptrend following the formation of a bullish pattern by the altcoin.
According to Trade Devils’ assessment, they noticed repeated instances of inverted head and shoulder formations throughout the altcoin sector. If the price manages to surpass the persistent resistance at $22.84, it’s expected that the altcoin will experience a bullish trend.
However, the analyst sees massive sell off if it fails to hold above $22.84 support level.
According to our assessment, AVAX is expected to continue climbing as it has surpassed the potential resistance point that might trigger selling.
What AVAX’s charts suggest
After examining AVAX‘s price graphs, it’s worth noting that the cryptocurrency has seen a significant drop in value over the past four days, settling at $23.74. Remarkably, this represents a decrease of 1.29% within the last day.
In the past five days prior to now, Avalanche (AVAX) had been increasing from its lowest point of $19.79 to a peak of $28. At the current press time, it was on an upward trend.
Generally speaking, the overall feeling towards AVAX in the market was negative, or “bearish.” By examining the Relative Strength Index (RSI) over the last 24 hours, we can see that it has dropped to 48.
Also, the RSI-based MA at 51 remained above RSI, which showed high selling pressure.
In simpler terms, the pessimistic outlook in this market was reinforced by a low OI-weighted funding rate, which implies that there’s growing interest among investors to take short positions (betting the market will fall), indicating increased demand for selling rather than buying.
Therefore, sentiment appeared negative, as it seemed that investors were uncertain or pessimistic about the potential path of the altcoin.
Additionally, according to AMBCrypto’s interpretation of data from Santiment, the DyDx Exchange Funding Rate stood at a negative value of -0.00077 at the current moment. This implies a stronger interest in taking short positions rather than long ones.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
Consequently, while analysts remain positive, if the present market trends persist, the value of the altcoin may fall to around $21.75.
But if there’s an upward trend shift due to strong buying activity, the price of AVAX could reach a resistance level at around $27.14.
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2024-08-30 04:08