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Avalanche: Why prices could dip below $7.5 in 2023

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Avalanche had a higher timeframe bearish structure since June.
If a move below $10 begins, a drop to $6.5 and lower would be likely over the rest of the year.

Avalanche [AVAX] has a strong bearish outlook on the higher timeframe charts. It saw a sharp decline in June, reaching the $10 psychological level. Although AVAX bounced toward $16 a month later, it was not enough to flip the higher timeframe bias bullishly.

Read Avalanche’s [AVAX] Price Prediction 2023-24

Over the past six weeks, Avalanche has retraced these gains. The bulls must defend the $10 region or face another drop that could measure as much as 40%. Some demand has tricked into the market over the past three days, but will it be enough?

Avalanche bears are heavily favored as per the 1-day price chart

Source: AVAX/USDT on TradingView

AVAX has been in a downtrend since the latter half of April. The market structure has also been bearish for the most part since then. It was bullish in late June when AVAX flipped $13 to support and raced to the $15.97 mark.

Yet, the bulls were unable to force a daily session close above $14.93, the high that preceded the sharp fall in June. This meant the higher timeframe (1-week) market structure remained bearish.

After 15 July Avalanche embarked on a journey southward that was yet to be halted. It registered a new low for 2023 at $9.71, thus outlining the intense bearish sentiment in the market. Alongside the price, the OBV was in decline as well, which showed the steady selling pressure on the token.

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Author: Akashnath S

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