AVAX has declined over the past 30 days dropping by 11.89%. Analyst fear massive sell off if prices decline below $22.84 support level
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.
Despite these developments, AVAX’s price remained relatively low from the recent high of $33.02 and 85% below ATH recorded three years ago. The current market conditions have left analysts eyeing further gains. Inasmuch, Crypto analyst Trade Devils saw a rally after the altcoin formed a bullish pattern.pointed to the inverse head and shoulder patterns that recurred across the altcoin market. If the prices break out of the stubborn resistance level of $22.84, the altcoin will rally.Based on this analysis, the AVAX will make further gains since it has already passed its point of possible selling pressure.
Prior to the last five days of decline, AVAX was rising from a low of $19.79 to a high of $28 at press time.Broadly, AVAX’s market sentiment remained bearish. Looking at the Relative Strength Index , it had declined over the past 24 hours to 48.This market sentiment was further supported by a negative OI-Weighted Funding Rate, suggesting an increase in demand for short positions, with many investors betting on the market to drop.
Therefore, although analysts are optimistic, if the current market conditions hold, the altcoin will drop to $21.75.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends. Gladys is uniquely committed to providing insightful and real-time content to the larger crypto-community.Subscribe to get it daily in your inbox.
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