AVAX is trying to hold on between 8 and 9 dollars despite the stagnant course in recent days. Although the price moves sideways in the short term, the pressure continues in the general picture. The price is trading at $8.75 levels, and although persistence is achieved in this region, upward movements encounter strong resistance.
The weak structure in technical indicators continues
Looking at the chart analysis, it seems that AVAX is still maintaining the downward trend. The recent rises triggered a new bearish wave by encountering resistance in the $10.5–11 band. According to market tracker Trader Symba, breaking through the said resistance zone is critical for the start of an upward move in the short term.
The fact that the price could not exceed this region indicated that sellers gained weight in the market. Overlapping lower highs and lows also strengthen this picture. Although there are recovery attempts in the short term, the main trend is far from turning upwards.
On the other hand, the Supertrend indicator has lost its downward momentum for a while and started to take a horizontal position. This change in the indicator shows that although the market is under weak seller pressure, it may indicate upward movement potential. The price appears to be trying to form a base in the $8.6–8.8 region.
Short-term movement and on-chain data
In this period when AVAX is traded intensively between 8 and 11 dollars, the price is in a position to make sharp movements in both directions. It is observed that the level of $ 8-7.5 acts as support, and short-term recoveries have occurred at such levels in the past.
If the price loses this support, there is a possibility that it will fall to the 6-5.5 dollar band in line with the liquidity levels seen in the charts. On the other hand, if the range of 10.5-11 dollars is exceeded, a movement towards 13-15 dollars can be expected in the first place.
In addition to the price movement, transactions made on the blockchain in recent days also attracted attention. With the participation of large investors, approximately 800 thousand AVAX were directed to decentralized finance strategies. Such movements can be attributed to the resumption of capital inflows into the ecosystem.
On the other hand, according to shared on-chain data, a whale recently withdrew a large amount of altcoins from the exchanges and AVAX worth $ 2.37 million was allocated. Such transfers may indicate a decrease in short-term selling pressure and an increased expectation of long-term holding. It is also noteworthy that AVAX is among the most withdrawn assets, along with assets such as ENA and SOL.
