đđ Avalancheâs Selling Pressure Is Growing: A Breakdown Could Be Possible đđ
Avalanche, which has been under selling pressure since failing to break above $26, could be headed for a fresh collapse.
AVAX, which failed to break above the $26 resistance level as Bitcoin fell, has fallen to a key level. The major coin, which also failed to reach its target during the rally, continues to disappoint its investors. Avalanche, which is currently in a decision-making phase, appears to be following BTCâs price action.
AVAX, which changed hands at $23.07 as of this writing, could be shaken by a continued decline in BTC, a rise in $BTC dominance, or negative news from the Avalanche ecosystem. In such a scenario, we can expect a first reaction from the $21.84 and $20.50 levels.
If these levels are not enough, a drop to $17.27 - $15.97 and $14.81 respectively is possible. Losing the recent low of $17.27 would be a sign of a new collapse. To expect an increase in the medium/long term, $17.27 must be defended.
If $21.84 is maintained, BTC rises above $60,000 or $BTC dominance decreases, we can expect a recovery in AVAX. In such a scenario, a rise to $24.80 - $27.31 - $30.05 - $31.70 - $33 and $35.08 could follow.
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