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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 · 6 points
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?