- AVAX price is lacking defense while retesting the parallel channel.
- Avalanche price Relative Strength Index has more space to fall.
- Invalidation of the bearish scenario is a close above $82.
AVAX price is being tested at its final wits as the bears have suppressed the price to $77. Traders can expect more decline in AVAX price if the bulls continue their lack of revolt.
AVAX price best entry is yet to be determined
AVAX price is currently trading at $77 at the lower end of a weekly supply zone, still hovering above the breached parallel channel. The amount of time AVAX price is spending in this area is questionable for the bulls' strength. Avax presence has yet to indicate a second wind for the bullish scenario.
Avalanche price volume indicator shows a lack of bullish interest as the price continues to print lower settling prices within the weekly zone. Traders looking for the classic break and retest strategy for the AVAX price may be fooled, as the price could still fall into lower targets while not entirely invalidating the bullish macro thesis.
AVAX/USDT 2-Day Chart
The Relative Strength Index still has more space to fall which could confirm the lack of interest from the bulls at the current time. Invalidation of the bearish scenario will be a closing candle above $82. If this bullish event occurs, the $100 and $115 Avalanche price scenario will be back on the table, resulting in up to a 50% increase from the current AVAX price.
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