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AVAX consolidates near $16 psychological level – what are some key levels

2min Read

Avalanche [AVAX] inflicted over 20% losses to HODLers since 18 April. But the downtrend steadied near $16 – Will sellers take a break?

AVAX consolidates near $16 psychological level - what are some key levels

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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.

  • AVAX was bearish on the four-hour chart at press time.
  • However, sentiment and funding rates improved.

Avalanche [AVAX] incurred a loss of about 20% after dropping from $21 to nearly $16. But the pullback may be easing as price consolidation crept in. At the time of writing, AVAX’s value was $16.98, oscillating between $16.5 and $17.4 since 22 April.  

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

Meanwhile, Bitcoin [BTC] consolidated near the $27k price range as bulls tried to block bears from sinking it lower. If BTC bulls defend the price range, AVAX could continue to hover above the $16 psychological level. 

A price dump, rally or consolidation – What’s next?

Source: AVAX/USDT on TradingView

The price action was below its short- and long-term trends at press time. Notably, the 200-MA (Moving Average) was flat, indicating a likely extended consolidation. But the 20-EMA had a downtick, suggesting a likely price dump in the short term. 

As such, the AVAX/USDT pair could oscillate between $16.41 and the 20-EMA or drop to $15.51 in the next few hours/days. Any extended downtrend beyond $15.5 could ease near March’s swing low of $14. 

A close above the 200-MA and $18.31 could tip the pair to rally to the $21 – $22 range before facing strong resistance. Nevertheless, the near-term bulls must clear obstacles at the ascending trendline and $20.36.

At press time, the RSI retreated from the oversold zone, indicating bulls were attempting to keep sellers at bay. But the OBV (On Balance Volume) was flat – demand stagnated in the past few days, which could undermine a strong recovery. 

Sentiment and funding rates improved

Source: Santiment

How much are 1, 10, 100 AVAXs worth today?

Weighted sentiment dipped to its recent lowest on 22-24 April. However, there was considerable improvement at press time as sentiment edged above the neutral level – reinforcing a mild bullish sentiment. 

The improved and positive funding rates further corroborate the mild bullish sentiment above. If the trend persists, the pair could secure the $16 support and attempt to clear the 20-EMA hurdle. However, the support could be breached if BTC drops below $27k. Hence, tracking BTC’s movement is key. 


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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