Avax Price is at a critical technical moment, with price promotion flashing Bearish signals despite strong activity on the Avalanche chain.
After a steep downward trend that was in the bottom halfway through March, Avalanche (Avax) returned price of a double bottom pattern and began to consolidate within an ascending channel, where Bullish Momentum was maintained until the end of the month, as confirmed by a rising RSI.
Since then, however, the price action has developed into what looks like a falling triangular pattern, with price that is now floating near important horizontal support. It is important that Avax price is also broken under the lower limit of the rising channel, which indicates a possible shift in the market structure of bullish consolidation to emerging bearish.
The price is now at a critical make-or-break level, where the confluence of horizontal support (~ $ 17.80- $ 18.50), the lower limit of the falling triangle and the recently broken rising channel support crossing. This zone is an important decision point for the market. A break under this confluence area would probably confirm the falling triangular breakdown, which opened the door for a movement to $ 15.00.
Now that RSI is approaching and the price of the price at Multi-Level Support, the following daily candles will be crucial to determine whether Avax resumes its bearish trend or a bullish recovery of this confluence support zone.
This Bearish price action unfolds despite the fact that avalanche shows a strong activity on the chains.
The recent increase in transactions-partic parts driven by Arena.Trade, a launch path with which users Tradeable ERC-404-STIRT TOKENS DIRECT directly from X reports can be made of X messages with the help of a binding curve mechanism has a considerably elevated network statistics. In particular, the 7-day advancing average of daily transactions has been surpassed 1 million, the highest in more than a year.
However, this peak in activity is not accompanied by a persistent increase in active addresses, indicating that a smaller group of users controls most of that volume.
