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.
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Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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