Avalanche (AVAX) is currently navigating a precarious situation as it remains above the crucial support level of $12. However, the emergence of a bearish rising wedge pattern on the charts has raised alarms for short-term traders. According to the experts cited in the publication, the situation is becoming critical.
AVAX Fails to Maintain Support Level
Crypto trader CryptosBatman has pointed out that AVAX has not only failed to maintain its previous support level but has also broken down from a classic bearish continuation pattern. This development suggests a potential weakness in the asset's price action, which could lead to further declines in the near term.
Advice for Traders
As a result, traders are advised to consider hedging their long positions while closely monitoring the price for any signs of a breakout above the trendline.
While Avalanche (AVAX) faces challenges in maintaining its support level, Aster has shown resilience in the trading market, with analysts noting a potential breakout. For more details, see Aster's potential.
