Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- AVAX was yet to reclaim the March low of $14.
- Buying volumes in the futures market dipped.
Since 20 June, Avalanche [AVAX] bulls gained ground, recording 20% after rising from $11 to $13.7. However, the recovery faltered below the March low of $14, setting in a short pullback that threatens to claw back recent gains.
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Meanwhile, Bitcoin [BTC] was facing a major tussle between bulls and bears over the control of $30k. So far, bulls have kept BTC above $30k, but bears haven’t allowed them to retest $31k or the recent high of $31.4k, setting it to a price consolidation.
Bulls get cold feet near $14
In Q2 alone, AVAX dropped from its April high of $21.56 to $10 in mid-June, shedding over half of its value. With an extending BTC price consolidation below $31k, a reclaim of the 14 March show AVAX’s bullish strength.
The RSI has retreated to 50-mark, showing eased buying pressure. However, the bulls could attempt to rebound if RSI makes a U-turn at the neutral mark. Similarly, the OBV (On Balance Volume) had a slight uptick, indicating little demand in the past few days.
So, sellers could extend gains to $12.11 if the short-term support of $12.64 cracks, exposing AVAX to further weakening. But bulls could defend the recent lower high of $12.11; hence sellers could exercise caution at the support l
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Author: Suzuki Shillsalot
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