Avalanche (AVAX) price is at a critical support level for the next move 🔥🔥🔥

AVAX is trading slightly above a critical support level, currently around $32. A break below the $30 range could trigger liquidations, further depreciating the value. $30.74 is an important support level, close to the 0.618 Fibonacci line.

The key resistance levels are $33.26 (200 EMA), $34.06 (100 EMA), and $39.78. Monitoring these levels can help predict price movements.

The chart below indicates that it is at a critical resistance zone, and a breakout could signal a price recovery.

Avalanche’s average holding time has dropped to levels seen during the 2022 bear market, indicating that investors are holding for a shorter period of time and are less confident in holding AVAX for the long term.

The reduction in holding time reflects bearish market sentiment, with investors trading AVAX more frequently. More than 2 million small AVAX holders are at breakeven or loss, which may increase selling pressure.

The number of addresses holding AVAX for less than 1 month has dropped significantly, and holders who recently purchased AVAX are exiting the market and cutting their losses. Fewer short-term traders reduce price volatility, but it also means less buying support and more downward pressure.

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