Avalanche (AvX)The current price work indicates that the declining momentum has not yet ended. The bulls have been ran out of strength, leaving the market at a risk of a greater decline under the declining pressure. Altcoin offers short -term rejection after the loss of power is about $ 26.50, and market analyst Ali Martinez has allocated it. With the fall, the analyst suggests that Avalanche may face a potential correction to $ 16 before digital assets begin to try to collapse the second. Today, the value of AVAX $ 23.56, a decrease of 8.6 % and 1.6 % during the past week and month, respectively.
The collapse prices are struggled at the resistance
Discover on the formation of a parallel pattern in the weekly AVAX scheme, which worries it. This technical preparation, in addition to the dual reflection pattern (located in the upper limits), indicates a constant pressure for sale that can lead to a further decline towards a sign of $ 16, as shown in Ali data.
According to the data, Avalanche is combined into a versatile channel, a pattern that highlights the continuous sale pressure. After failing to scan the borders of the higher resistance, the analyst believes that assets risk re -testing the support areas about $ 16. This area was a safety network in previous sales, and can be tested again in the event of a weak purchase pressure. Constant weakness indicates the domination of the sellers and can cause a decrease in the value of the cryptocurrency before buyers drop to the market.
What is the following for Avax if Grayscale flows
The mixture of technical rejection and dominant sellers makes Avax more vulnerable to retreat deeper if buyers cannot keep it at 21 dollars, as indicated in the data. Currently, the $ 21 sign is the level of important support. If the original is less than this level soon, it will attract attention to $ 16 per AVAX as the next area to see it.
Despite its unification, the distinctive symbol was quietly developing some interesting configurations, as the price detention company was referred to between $ 20.73 on August 3.road And 23.56 dollars today, indicating stability in the activity on the series. The AVAX structure displays flexibility, with a continuous interest for users in the existing downtown direction. This not only enhances enthusiasm, but also puts Avax in a positive position for the following leg higher when the momentum returns.
AVAX’s main bullish catalyst is a recent step by Grayscale Digital Asset Manager to change its pioneering product in Avalanche Trust to Etf Avalanche. On Monday, August 25, I submitted a request to SEC in the United States to convert the confidence of Avalanche Rathcale to the ETF investment funds listed on the Nasdaq Stock Exchange. The deposit caused excitement in the encryption community and lit up a stir on social media channels. Recently, I also applied for a Dogecoin etf.
