Avalanche Price Tumbles Again! AVAX Price To Record 10% Correction Soon?

The crypto industry continues to display significant price volatility, highlighting increased selling and buying pressure in the market. Further, the AVAX price continues to record constant correction, indicating a bearish influence in the space.

The Avalanche price traded in a closed range between $45 and $50 for a period, after which the market lost momentum and the price experienced a breakdown.

Following this, the AVAX coin price traded in a consolidated range between $40.01 and $42.50 for a brief time. After facing rejection at $42.50, the AVAX price recorded a correction of over 25% in valuation.

The bulls made multiple attempts to break out but the bears held the price strong, indicating a bear power in the market. After multiple attempts, the bulls successfully broke out of the range.

Since then, the price has been constantly trading in a consolidated range between $35 and $40.01. Recently, the bulls lost momentum, resulting in a breakdown in the chart.

Will AVAX Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating increased selling pressure in the crypto industry. Moreover, the averages show a bearish trend, suggesting the price will continue undergoing correction before a rebound in the coming time.

If the market pushes the AVAX price above the resistance level of $35, the bulls will regain momentum and test its upper resistance level of $40.01 soon. Further, if the market holds the Avalanche token at that level, it will prepare to test its resistance level of $42.50 during the coming week.

Negatively, if the market fails to gain momentum, the Avalanche price will fall to test its support level of $30. Moreover, if the bears continue to hold power over the industry, the price will prepare to test its lower support level of $27.46 in the coming time.