The post Avalanche Price Continues Bleeding! AVAX Price To Record 20% Correction Soon? appeared first on bitcoin Coinpedia Fintech News
The Avalanche coin price continues to trade under a bearish influence as the token has recorded a correction of approximately 10% in valuation and has cumulatively lost over 22% over the past week, highlighting a bear power in the market.
The AVAX price traded in a narrow space between $42.50 and $45 for a while, following which the bulls lost momentum and the price broke down the range. After this, the price traded sideways in a range between $38 and $42.50 for a period.
The bulls attempted to break out of the resistance level at $42.50, but the bears overpowered the bulls, resulting in it experiencing a correction of over 28% in valuation. After testing its support level of $31.67, the bulls gained just enough momentum to break out of the resistance level at $35.
Following this, the AVAX token traded in a closed range between $35 as its support and $40 as its resistance level for over a week. After multiple failed attempts to hold the price above the support level of $35, the price lost momentum and experienced a breakdown in the chart.
The price then traded sideways for a while, indicating a cool-off in the price action for the token. Recently, the price recorded another correction of approximately 13.5% and is on the verge of testing its crucial support level of $27.46, of which the result is uncertain.
Will AVAX Price Hit $35 Soon?
The Relative Strength Index (RSI) breaks down the over-sold range, indicating a massive selling pressure in the market. Further, the averages show a constant decline, suggesting the price will continue losing value in the coming time.
If the bulls hold the price above the support level of $27.46, the bulls will regain momentum and test its resistance level of $31.67. Maintaining the price at that level will set the stage for Avalanche price to attempt to test its upper resistance level of $35 in the coming time.
Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $23.97 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $20.02 this week.