Following the remarkable recovery in early 2023, the AVAX price action enters a crushing correction phase. Experiencing extensive selling pressure at $21, the AVAX prices fail to find support at any crucial level for long.
Bouncing back from $11 in June lit lamps of hope for Avalanche, leading to a 32% gain to reach $15. However, with higher price rejection, the AVAX prices reverse into a more severe correction.
Breaking one support level after another, the AVAX price even breaks the $12.15 support after a consolidation range. Trapped with the market-wide correction, the FUD skyrockets in the AVAX chart, dropping to $9.90 before closing at $10.58.
Following multiple bearish candles with the spike in trading volume, the AVAX coin price finally retests the $10.78 mark. Moreover, the downfall vaporizes the YTD growth of Avalanche and drops it to a 1.15% loss.
The falling AVAX prices stretch the bottom support of the Bollinger band, with the stochastic RSI preparing a positive crossover. Moreover, the RSI line drops lowest in 2023, reflecting the sharp increase in underlying bearish sentiments.
Will AVAX Prices Sustain Above $10?
With the intense selling and crumbling market conditions, the AVAX price declines further if it drops below $10. However, the lower price rejection reflects smart money ready to buy the dip. Therefore, it seems challenging for the AVAX price to fall below $10.
In a prolonged selling phase, the breakdown rally can reach $9.60. On the sunny side, closing above $11.19 may trigger a recovery phase.
