Avalanche (AVAX) Analysis

Avalanche (AVAX) price, after weeks of testing the lower trend line of the rising channel, fell through it this month.
However, investors appear focused on flipping that resistance back into support as they aim for gains over losses.

Avalanche (AVAX) price is among the few altcoins showing signs of further drawdown over recovery.
To make it even more difficult for the altcoin is that even the AVAX investors are not expecting a rally.

The Avalanche (AVAX) network is in the spotlight as recent on-chain data reveals an uptick in Total Value Locked (TVL).
The recent rise in TVL has prompted market analysts to speculate whether AVAX can reclaim the $50 price point.

The price of Avalanche (AVAX) has seen a notable decline on the daily chart recently, dropping below $50.
Despite this downturn, there is a wave of optimism from a significant group of investors that could catalyze a recovery.

The Avalanche (AVAX) price is at a pivotal point, as current indicators offer bearish signals. Its 7-day Relative Strength Index (RSI) sits in neutral territory, suggesting AVAX might be on the verge of consolidation or correction.

Avalanche (AVAX) price has been moving sideways for the past two weeks and was expected to continue this way until it found bullish momentum.
However, by the looks of it, the altcoin is set to face bearishness thanks to its own investors.

The AVAX price grew by 8.15% over the past week, buoyed by bullish trends signaled by the Ichimoku cloud lines, indicating a potential for further growth of Avalanche.

Over the past week, Avalanche (AVAX) price has experienced a significant increase, accumulating a 21.93% growth. Despite its recent surge in value, the Relative Strength Index (RSI) remains healthy, suggesting that AVAX might grow further.

Avalanche price is at the cusp of breaching a crucial resistance level, which could largely impact the overall profits of AVAX holders.