- Rapid Drop: AVAX coin prices have dropped rapidly in the bearish market, bottoming out at $10 for now.
- Lowest Daily Closing: The AVAX price closed at $10.58, the lowest since late 2021.
- RSI Levels at Lowest: With the RSI levels at their lowest in 2023, the selling momentum has reached a new high.
- Crushing Correction Phase: After a remarkable recovery in early 2023, AVAX entered a severe correction phase, failing to find support at crucial levels.
- Bounce Back and Reversal: Bouncing back from $11 in June led to a 32% gain, but higher price rejection caused a more severe correction.
- Breaking Support Levels: AVAX price broke multiple support levels, including $12.15, dropping to $9.90 before closing at $10.58.
- Retest at $10.78: Following multiple bearish candles, AVAX retested the $10.78 mark, vaporizing the YTD growth and resulting in a 1.15% loss.
- Bollinger Band and RSI Indicators: The falling prices stretched the bottom support of the Bollinger band, with stochastic RSI preparing a positive crossover and the RSI line dropping to its lowest in 2023.
- Sustainability Above $10: Intense selling and market conditions may lead to further decline if AVAX drops below $10, but lower price rejection indicates readiness to buy the dip.
- Potential Breakdown or Recovery: In a prolonged selling phase, the price could reach $9.60, while closing above $11.19 may trigger a recovery phase.