Over the last few days, Avalanche has experienced significant losses, plunging by almost 20%. On a weekly timeframe, AVAX has lost 10% of its market value. Although the daily timeframe indicates that AVAX has made a slight upward movement on its chart, with an appreciation of 1.6%, the technical outlook for Avalanche remains bearish.
Buyers have been cautious about price movements while sellers have dominated the market, leading to a decrease in both demand and accumulation on the daily chart. In order for the Avalanche price to experience some relief, it needs to break above the $18 mark.
However, the $17 price level has acted as a supply zone for the altcoin. If bulls cannot defend the current price mark of the altcoin, the bears may take full control of the asset’s price.
Similar to other prominent altcoins, major market movers have been struggling to break their crucial resistance levels. The decline in AVAX’s market capitalization indicates a decrease in buying pressure in the
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