AVAX breaks below $30, attracting short sellers: Is there more downside ahead? AVAX has broken below the $30 support level, which has been a key support level since early May. This break could start a new bearish momentum as investors may see this as a sign of weakness.
Key Support Broken
AVAX is blocked at the 50-day exponential moving average resistance at $35. This resistance level is a significant hurdle for AVAX as the bearish momentum of the uptrend has overwhelmed the $30 support level.
This also suggests that the price could fall further. Currently the price is stabilizing around $28, with the next immediate support level being $27. Liquidation data from Coinglass shows several spikes in liquidations. This is associated with sharp price swings, indicating increased volatility.
The recent increase in short liquidations suggests that traders are betting on further price declines.
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Although AVAX's short-term outlook seems bearish, its future trend depends largely on market sentiment and fundamentals.