Avalanche bulls hesitate near $14 because…

AMBCrypto
AMBCrypto

28 Jun 2023 4:30 PM

AVAX's recovery has hit a snarl below March low of $14. But bulls can re-enter upon retest of lower support levels if BTC remains above $30k. ...

  • AVAX has experienced a recovery, rising 20% from $11 to $13.7 since June 20th.
  • However, it has failed to reclaim the March low of $14, leading to a short pullback.
  • AVAX dropped significantly in Q2, losing over half of its value.
  • The RSI has retreated to the 50-mark, indicating eased buying pressure.
  • Sellers could extend gains if the short-term support of $12.64 cracks, but bulls could defend the recent lower high of $12.11.
  • AVAX could see further gains if bulls reclaim the March low of $14.
  • Buying volumes in the futures market have eased, as shown by the declining Cumulative Volume Delta (CVD).
  • The Open Interest (OI) has declined from >$66 million to around $61 million.

The sentiment in the article is mixed. While there is mention of a recovery and potential gains for AVAX, there are also concerns about failing to reclaim the March low and the possibility of further weakening.

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What is the current price of AVAX?How much did AVAX drop in Q2?What are the support levels for AVAX?How have buying volumes in the futures market changed?What is the Open Interest for AVAX?

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