Avalanche (AVAX) Market Forecast: Bulls Must Defend $35.30 to Avoid Bullish Structure Collapse

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Like other cryptocurrency markets, Avalanche (AVAX) has experienced a significant market correction over the past two weeks after a round of price increases. Currently, the price of AVAX hovers around $36, and recent market analysis indicates that certain key market conditions must be met to avoid a complete collapse of the bullish structure for AVAX. Analysts believe that bulls must defend the support level of $35.30 to enable an overall price recovery.

According to comments from digital asset analysis platform More Crypto Online, experts have predicted a typical yellow scenario using Elliott Wave Theory, which is often associated with bullish market trends. The yellow scenario suggests that AVAX is currently in a correction phase, particularly in the B wave phase of an ABC correction wave. This correction wave typically consists of three waves, where the B wave usually shows an upward trend consistent with the current market trend, followed by a possible transition to the downward C wave.

In the case of AVAX, analysts from More Crypto Online indicate that to maintain the validity of the bullish structure, the price of AVAX must remain above $31.69 for the yellow scenario to continue to be valid. If the price of AVAX remains above this key level, the upward movement of the B wave may further unfold.

However, analysts also warn that if the price of AVAX falls below $35.30, it could trigger a downward trend, potentially dropping to $31.69. Losing this price area could disrupt the current yellow scenario and push the market into the downward C wave phase. Therefore, market bulls must closely monitor this support level to prevent the price from falling below this level and to avoid the collapse of the bullish structure.

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