Avalanche (AVAX) price action shows no signs of a directional bias as it moves sideways.
AVAX price is consolidating in a range, extending from $31 to $39. After a failed breakout, Avalanche price has crashed by 13%. Investors can expect an 11% crash and a potential deviation of the range low at $31. A flip of the $31 support level will invalidate the bullish thesis. Avalanche price action shows no signs of a directional bias as it moves sideways. The optimism generated due to the breakout attempt on May 20 has died down as AVAX continues its descent.
A sweep of the range low of $31 will be a key pivotal point that could trigger a lot of buy-the-dip orders. The resulting bounce could see Avalanche price to retest the range high of $39 as its first move. Beyond this, AVAX could also attempt to retest the $47 hurdle, which is the next key resistance level. This move would constitute a 47% run-up and is likely where AVAX could form a local top.
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