- Avax tested key $ 19 support, consolidating in a symmetrical triangle, signaling of indecision.
- Beerarish on-chain signals and high underwater investors percentages suggested a potential disadvantage.
Avalanche [AVAX] Consolidates within a symmetrical triangular pattern on the 4-hour graph and tests a critical level of $ 19.
This support has established in recent price action, which can indicate a possible rebound. Avax is currently at a crucial level and acts at $ 19.56 with a slight increase of 0.20% in the last 24 hours.
Will Avax retain its support, or will it fall further? Let’s know.
What reveals the current price promotion about Avax?
During the press, the Avax price was a key $ 19 support level, which followed as a reliable floor in earlier price movements.
The symmetrical triangular pattern that is currently forming suggests a structure of market decisions, in which both buyers and sellers wait for the next step.
If Avax can break above the upper limit of the triangle, the price can experience a short -term rally. However, a non -absenteeism to maintain this support can push the price lower, which may lead to a deeper correction.
Source: TradingView
Will the signals on the chains point to Bullish or Bearish sentiment?
The general prospects are investigating the signals on the chains for Avax and then Bullish seems Bullish. Net network growth is -0.67%, which has a slight decrease in network activity.
Moreover, the “in the money” metric has fallen by 0.79%, indicating that fewer investors have a profit.
Moreover, the concentration triek is at -0.19%, indicating that there has been little change in the distribution of Avax tokens.
Finally, large transactions have fallen by 1.87%, which suggests a lack of considerable bullish movement among large investors. All these signals on the chains point to a lack of strong bullish momentum at the moment.
Source: Intotheblock
How do the money data influence are a price promotion?
The in/out of the money graph further emphasizes the bearish sentiment around Avax. At the time of writing, 80.09% of the addresses that Avax keep outside the money, with a considerable part of these investors who have losing. Only 5.98% of the holders are of profit at the current price level.
This suggests that countless investors are flooded and can be tempted to sell if the price falls under the support of $ 19.
In addition, as the price struggles to stay above this level, more sales pressure could rise, so that the price of Avax takes further down.
Source: Intotheblock
Can Avax contain $ 19, or will it break down?
Avax is at a critical moment and can determine in the coming hours whether it is experiencing a rebound or breaks lower.
With a symmetrical triangular pattern formation and signals on chains that lean Bearish, the risk of a breakdown seems higher.
Given the overwhelming number of investors who are outside the money and the lack of bullish on-chain momentum, Avax may have difficulty retaining its support of $ 19.
Therefore, if the price does not contain this key level, Avax will probably soon be confronted with further downward movement.
