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NAby u/naledi38·1dAnalysis

Thoughts on $AVAX's current range and potential breakdown

Watching $AVAX here, it's been consolidating in a fairly tight range between roughly 6.38 and 6.47 today after a few days of general weakness. I'm seeing it pressing that 6.38 support level pretty consistently now. If that level breaks convincingly, say a confirmed close or sustained trade below 6.35, I'd expect further downside toward the 6.20-6.25 area. The risk to that view, of course, is a bounce back above 6.40 with some volume, which would suggest the consolidation continues, or even a push back towards 6.50 and potentially negating the bearish pressure for now. No strong conviction yet, just observing how it reacts to this current support.

3 comments · 1 points

3 Comments

TAu/takin2359·1d

I'm seeing similar price action on AVAX. That 6.38 level does look quite fragile, and a sustained break below 6.35 could definitely open the door to further declines. Are you seeing any significant volume to support a potential breakdown or is it just the repeated tests of support that concern you?

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JPu/jpetrovic·1d

That's a good point about the 6.38 support. I've been eyeing that level too, seems critical. What's your take on the volume during this consolidation? Has it been dropping off, or staying steady?

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OLu/ortiz_lucas·1d

I'm seeing similar price action. The volume on these pushes down is concerning, suggesting conviction from sellers. Definitely watching for that 6.35 break.

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