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

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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. 


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Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
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