Following the remarkable recovery in early 2023, the AVAX price action enters a crushing correction phase. Experiencing extensive selling pressure at $21, the AVAX prices fail to find support at any crucial level for long.
Bouncing back from $11 in June lit lamps of hope for Avalanche, leading to a 32% gain to reach $15. However, with higher price rejection, the AVAX prices reverse into a more severe correction.
Breaking one support level after another, the AVAX price even breaks the $12.15 support after a consolidation range. Trapped with the market-wide correction, the FUD skyrockets in the AVAX chart, dropping to $9.90 before closing at $10.58.
Following multiple bearish candles with the spike in trading volume, the AVAX coin price finally retests the $10.78 mark. Moreover, the downfall vaporizes the YTD growth of Avalanche and drops it to a 1.15% loss.
The falling AVAX prices stretch the bottom support of the Bollinger band, with the stochastic RSI preparing a positive crossover. Moreover, the RSI line drops lowest in 2023, reflecting the sharp increase in underlying bearish sentiments.
Will AVAX Prices Sustain Above $10?
With the intense selling and crumbling market conditions, the AVAX price declines further if it drops below $10. However, the lower price rejection reflects smart money ready to buy the dip. Therefore, it seems challenging for the AVAX price to fall below $10.
In a prolonged selling phase, the breakdown rally can reach $9.60. On the sunny side, closing above $11.19 may trigger a recovery phase.
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.