• AVAX price fell by more than 9% on Wednesday, nearing the critical support level at $14.91.
• Price indicators suggest a potential incline if AVAX manages to flip $17.20 into a support floor.
• If AVAX slips below the critical support level, it could fall to December 2022 highs.
• AVAX price followed the broader market's lead, posting a red candle on the chart on Wednesday due to the ongoing banking crisis in the United States and the rally following the release of the Consumer Price Index.
• The Relative Strength Index observed an uptick near the neutral line at 50.0, and the Moving Average Convergence Divergence indicator is still in the early stages of a bullish crossover.
• If the bullish narrative plays out, AVAX price could note a recovery rally to $17.20 and rise toward a monthly high of $19.60.
• However, if the macroeconomic conditions worsen, AVAX price could slip below the critical support level at $14.91 and fall to December 2022 highs of $13.78.

The article presents a mixed sentiment as it discusses both potential inclines and declines in AVAX price. However, the overall tone is slightly bullish as the price indicators suggest a recovery rally.