đ AVAX Faces 14% Slide in 30 Days: Can Predictions Pave the Way for Recovery? đ
As AVAX experiences a 14.36% dip over the past month, questions arise about its short-term future. CoinMarketCap's data paints a bearish outlook, signaling a shift in demand dynamics. Let's delve into the predictions and technical analysis to gauge the potential for an AVAX recovery.
1. Performance Overview: A Contrasting Picture to 2023's Big Show
Contrary to the impressive display in 2023 with a 292% 90-day increase, AVAX is currently undergoing a profit-taking season. The recent decline prompts speculation about the duration of the downtrendâwill it be a short-lived correction or an extended nosedive?
2. Technical Perspective: Bearish Signals and Support Levels
Examining AVAX from a technical standpoint, the 4-hour AVAX/USD chart reveals a decline in demand. The price currently sits below the 20 EMA (blue) and 50 EMA (yellow), signaling a bearish trend. The death cross, with the 50 EMA rising above the 20 EMA, reinforces the negative sentiment.
3. RSI Analysis and Liquidation Heatmap: Assessing Momentum and Risk
The Relative Strength Index (RSI) at 46.93 indicates a lack of bullish control over the momentum, adding to the bearish sentiment. The Liquidation Heatmap reveals potential cautionary zones for short positions, with large-scale liquidations projected between $34.46 and $34.97.
While AVAX isn't replicating its 2023 glory, the Liquidation
Heatmap indicates possible liquidation levels between $34.46 and $34.97. Traders targeting prices below $35 need to exercise caution, considering the risk of liquidation due to price fluctuations.
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