Cryptocurrency Avalanche (AVAX) closed below the $18.48 support level, indicating a potential continuation of its downward move.
AVAX Decline and Support Levels
AVAX closed around $17.90 with a loss of 3.3% over the last 24 hours. Analysts note that after several failed attempts to break resistance levels, AVAX may face sell-offs at lower support levels at $15.31, $13.44, and $10.98.
Prospects for AVAX Recovery
To achieve recovery, AVAX needs to break the first resistance line at $22.77. If successful, further resistance levels will be found between $26.84 and $32.87. A breakout above $54.07 to $60.73 could indicate a significant trend change.
Pressure on AVAX Support
Key players in the cryptocurrency sphere are concerned about the current technical and macroeconomic conditions. Despite neutral and bearish market sentiments, Avalanche faces the challenge of maintaining support and regaining resistance levels through trading volume. Currently, the short-term trend appears bearish.
AVAX's decline below the $18.48 support level raises concerns about further drops. The success of a recovery will depend on maintaining key support levels.
