Avalanche (AVAX/USD) Market Faces Bearish Pressure Amid Key Technical Rejections
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Avalanche Price Prediction – May 6
AVAXUSD market faces bearish pressure amid key technical rejections. Another break of structure is impending as price fully retracted from the critical supply zone at $21.490.
The AVAXUSD daily chart displays bearish momentum reinforced by technical indicators. The 9-day Simple Moving Average (SMA) is currently at $21.060 and trending downward, suggesting weakening bullish strength. AVAX is trading below this moving average, a classic bearish signal. Additionally, the RSI (Relative Strength Index) is at 47.02, down from 56.63, indicating fading buying pressure and nearing oversold territory. This reinforces the notion that sellers are regaining control, and further downside is possible.
AVAX/USD Market Key Levels
Resistance: $21.490, $26.550, $33.020
Support: $17.280, $12.500, $8.620
AVAX/USD – Daily Chart
The daily chart for AVAXUSD shows a retraction from a critical supply zone.
Price action confirms this bearish sentiment. After a failed breakout from the $21.490 resistance (marked as a rejection block), the price has since declined, unable to sustain above the 9-day SMA. A clear market structure shift (MSS) occurred earlier near $40.560, followed by a break of structure (BOS) around $17.280, showing that bulls lost momentum. Each attempt to recover has been met with lower highs, while recent bearish candles and rejections from key zones indicate sustained downward pressure.
What is the projection for AVAXUSD market?
Given this setup, the bearish projection for AVAXUSD targets the $17.280 support zone initially. A confirmed breakdown below this level could accelerate the decline toward $15.280, and if the momentum continues, the next major support lies at $12.500.
The downward arrow on the chart illustrates this potential continuation. Unless price reclaims and holds above $21.490, sentiment is expected to remain bearish in the short to medium term.
AVAX/BTC Price Analysis
AVAXBTC has been ranging between 0.0002000 support and 0.0002500 resistance since early March. The overall trend of the market, however, remains bearish since the invalidation of the diagonal support. A successful breakout through the 0.0002000 support is expected to trigger the continuation of the broader downtrend.
Avalanche (AVAX) Current Statistics
The current price: $20.130
Market Capitalisation: $8,250,000,000
Trading Volume: $201,980,000
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