Avalanche (AVAX) Bears Dominate, Eyeing $65 Revisit

  • AVAX might see the ongoing crash steepening, revisiting the $64.59 value area.
  • The breaker may reject near-term throwbacks, stretching between $77.60 and $83.35.
  • A 4hr candle close beyond $83.35 will cancel Avalanche’s bearish thesis.

Avalanche (AVAX) extends its downward movements amid negative broad market sentiment. Meanwhile, the plummets may continue until the alternative coin secures a dependable support barrier.

AVAX Creates Bearish Setup

Avalanche price printed a bearish pattern that comprises a higher peak after the asset invalidated demand territories at these swing zones. The invalidated region is known as a bearish breaker. In that context, Avalanche’s breaker stretches between $77.60 and $83.35. Moreover, the alt may encounter rejection after retesting this barrier. Therefore, a near-term throwback that triggers upsides for AVAX will meet intense selling momentum, translating to another price fall.

The weekly support zone at $64.59 is the nearest territory to handle the incoming selling strength. With that, enthusiasts may expect Avalanche price to witness bullish reactions in this area.

Nevertheless, market players need to beware of a potential downside to $55.32 by AVAX. Such scenarios will emerge when Bitcoin fails to control the bearish establishment. However, quick recoveries by Bitcoin will trigger uptrends in altcoins, including AVAX. That can have Avalanche price producing a 4hr candle close beyond $83.35. With that, market participants can forfeit the bearish breaker formation. Such an environment will clear the road for AVAX to revisit the 17 February swing peak near $98.78.

For now, AVAX seems ready for downside actions as bears dominate the marketplace. The alternative token can dip towards $64.59 (and further) without improved global market sentiments. That means AVAX will rely on BTC actions for its directional bias.

While publishing this content, Avalanche traded near $69.34, exhibiting bearishness. However, assets within the crypto space hovered lower today. Bitcoin extended its leg-down, changing hands around $36,842.54 at this publication. Bitcoin requires steady upticks past $40K to catalyze bullish actions in the near term. That can mean upswings in Avalanche. Remember, a 24hr candle close past $83.35 will annul AVAX’s downtrends, welcoming bullish moves.