AVAX price hovers at $19.00 support, with a breakdown risking a sharp move lower toward the $17.00 region.
Technical chart shows AVAX below its 20-day SMA as the price nears the lower Bollinger Band at $18.39.
MACD indicator shows negative momentum, with both lines in bearish territory and red histogram bars expanding steadily.
Avalanche (AVAX) is trading near a crucial support level at $19.00 as bearish signals continue to strengthen on the daily chart.
AVAX Holds Key Support Amid Range-Bound Structure
According to Alpha Crypto Signal, AVAX remains within a horizontal trading range, with its price currently hovering near the channel’s bottom at $19.00. Despite persistent selling pressure, the asset has yet to confirm a breakdown from this level.
https://twitter.com/alphacryptosign/status/1933488983629312482
The tweet notes that if buyers manage to defend this price area once more, a potential rebound toward the $22.00 mid-range could occur. However, a firm close below $19.00 would likely expose AVAX to a sharper move downward toward the $17.00 level.
This holding pattern keeps AVAX range-bound for now, although pressure is mounting. The current price of AVAX stands at $19.12, marking a slight 0.93% gain in the past 24 hours, but still reflecting an 8.87% loss over the past week.
Technical Indicators Signal Growing Downside Risk
On the technical front, the daily chart shows that AVAX has slipped below the 20-day Simple Moving Average, which is currently at $21.09. This drop increases near-term bearish sentiment.
Source: TradingView
Price action is also drifting toward the lower Bollinger Band at $18.39, suggesting declining volatility with potential for continued downside movement. The narrowing of the Bollinger Bands supports the view of a consolidating market, with risk leaning to the downside.
The MACD indicator supports this bearish outlook. The MACD line stands at -0.58, below the signal line at -0.44, and both are positioned in negative territory. The growing red histogram bars indicate accelerating downward momentum. A decisive break below the $18.39 zone could trigger a move toward $17.00.
Bulls Must Reclaim Key Levels to Regain Control
For bullish traders, reclaiming the $21.00 level will be essential to shift short-term momentum. Until then, trend bias remains tilted toward further weakness.
Volume will also play a crucial role. Without a rise in buying activity at current levels, the risk of a breakdown increases. Traders are advised to monitor support zones closely, especially with AVAX testing the lower edge of its range.
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