Avalanche (AVAX) price is showing signs of accumulation near the $30 support level, hinting at a potential bullish break. Despite a recent 8.77% drop in the last 24 hours, AVAX has held steady and is forming a classic accumulation pattern with clustering above a support zone at $28.30. This zone has historically seen buying interest, with repeated bounces, suggesting active accumulation by traders. 📈 💰 Analysts are eyeing for a breakout toward higher levels as price action signals possible accumulation near $30. 📈
The AVAX price action shows potential strength even while facing pressure:
– Stochastic RSI is deeply oversold.
– A bounce could be imminent, despite short-term pressure.
– Market cap drop of $750 million suggests panic selling, while the recovery hinges on volume and support zone reaction. 📉
The bullish outlook for AVAX remains strong:
– The 4-hour chart indicates a bullish structure forming with higher lows and rising momentum.
– If price clears resistance at $31, bulls could push toward the $43-$44 range in the short term. 💪 Further confirmation requires volume spikes and clean retests.
Technical indicators suggest both the potential for further upside and a need to remain cautious:
– MACD remains deep in bearish territory, expanding negatively and confirming downward momentum is still strong. 📉
– The Stochastic RSI is buried near zero, signaling heavy oversold conditions that could lead to a bounce.
The market cap decline of $750 million suggests increased selling pressure, potentially driven by panic. However, the AVAX price action shows potential strength and continues to be monitored for bullish signals.