Avalanche Price Analysis: AVAX Price Holds At $10 As Spartan-like Buyers Challenge Falling Channel

The post Avalanche Price Analysis: AVAX Price Holds At $10 As Spartan-like Buyers Challenge Falling Channel appeared first on Coinpedia Fintech News

Maintaining a downtrend for almost two months now, the AVAX coin price lost 37% to drop to $10 from the swing high of $15.99. Creating a falling channel pattern in the 4-hour chart, the Avalanche price undergoes a bearish avalanche phase. 

Breaking multiple support levels between $16 and $10, the downtrend finally finds a spot of multiple support contacts. Increasing the likelihood of a bounce back, the AVAX price might soon break above the resistance trendline. 

Creating a barrage of bearish candles and struggling to bounce back from the $10 demand belt, the AVAX price is under tremendous selling pressure. With RSI and MACD indicators bearish in the 40-hour chart, the weekly charts present a similar scenario. 

Creating lower high formation in the bear market, AVAX price action signifies the $10 demand belt as a point of no return if it breaks below it. With a descending triangle clear as the day in the weekly chart, AVAX price struggles to bounce back with a positive cycle. 

The $10 zone has provided a cushion to absorb the supply inflow and helped AVAX reach the $151 height since 2021. However, the 46% drop in the last three months warns of a bearish breakdown. 

Will AVAX Prices Sustain Above $10?

With the intense selling and crumbling market conditions, the possibility of AVAX prices declining below $10 increases. In a prolonged selling phase, the breakdown rally can reach $6.20 as per the weekly chart. 

On the sunny side, closing above $11.19 may trigger a recovery phase, leading to the channel breakout.