The crypto market has been trading negatively as the market continues to trade under the influence of the bears. Top cryptocurrencies have displayed a sideways pattern for the first time in over a week, indicating a possibility for the crypto industry to rebound soon.
The month of October had started on a bullish note as the AVAX price had gained more than 10% in value within the first week of the month, following which the market experienced a trend reversal in its charts, resulting in the coin losing its value.
After the Death Cross, the Avalanche coin leveled all its gains for the price jump and further lost 5% in the second week of the month.
The Avalanche price is currently trading very close to its resistance trendline as the bulls are making an attempt to break out of the trend, which could result in a massive price action for the coin in the coming days.
The RSI has been trading below the mid-point for almost a week, indicating a weak buying and selling power in the market. Moreover, the chart displays a constant decline, suggesting the price will continue losing value in the coming time.
Will AVAX Price Regain Value?
If the bulls break the descending channel towards the resistance trendline, then the price will gain momentum and prepare itself to test the resistance level of $9.60 soon.
Further, if the market continues to gain momentum, the price will continue to gain value and make a run to test its upper resistance level of $9.96 in the coming days.
On the flip side, if the bears continue to dominate the market, the price will break its support level at $9.11, resulting in the coin continuing to lose momentum and trade under a bearish influence. Moreover, if the bulls fail to hold the price, the AVAX price will soon test its crucial support level of $8.75.