Avalanche [AVAX] inflicted over 20% losses to HODLers since 18 April. But the downtrend steadied near $16 - Will sellers take a break?
consolidated near the $27k price range as bulls tried to block bears from sinking it lower. If BTC bulls defend the price range, AVAX could continue to hover above the $16 psychological level.The price action was below its short- and long-term trends at press time. Notably, the 200-MA was flat, indicating a likely extended consolidation. But the 20-EMA had a downtick, suggesting a likely price dump in the short term.
As such, the AVAX/USDT pair could oscillate between $16.41 and the 20-EMA or drop to $15.51 in the next few hours/days. Any extended downtrend beyond $15.5 could ease near March’s swing low of $14. A close above the 200-MA and $18.31 could tip the pair to rally to the $21 – $22 range before facing strong resistance. Nevertheless, the near-term bulls must clear obstacles at the ascending trendline and $20.36.
At press time, the RSI retreated from the oversold zone, indicating bulls were attempting to keep sellers at bay. But the OBV was flat – demand stagnated in the past few days, which could undermine a strong recovery.Weighted sentiment dipped to its recent lowest on 22-24 April. However, there was considerable improvement at press time as sentiment edged above the neutral level – reinforcing a mild bullish sentiment.
The improved and positive funding rates further corroborate the mild bullish sentiment above. If the trend persists, the pair could secure the $16 support and attempt to clear the 20-EMA hurdle. However, the support could be breached if BTC drops below $27k. Hence, tracking BTC’s movement is key.
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