The price of AVAX has not yet shown signs of a post-sell-off bullish response.
On the four-day Chart, the avalanche price creates a number of candles of uncertainty.
If $29 is breached, the bearish premise is refuted.
Price drops for avalanches could get worse. The bearish thesis is being thrown off by subtle signs.
Avalanche price may suffer another blow
Similar to other cryptocurrencies, the Avalanche price provides evidence that there will likely be another decline. At the present $24 price level, the bulls have refrained from engaging in combat. Instead, as uncertainty and doji candles print lower, the Avalanche price is still falling on the 4-day Chart. The price movement can be a sign that bulls are being cautious and would prefer to act as support when prices are lower.
Relative Strength Index and Volume Profile indicators for the Avalanche price are converging in a bearish direction. On the 4-day Chart, the RSI has been unable to ascend into positive support levels. The Volume Profile reveals a subtly re-entered bear market, which may indicate that the struggle between bulls and bears has already been won.
However, nothing regarding the Avalanche price has been finalised yet. The trend might be reclaimed by the bulls. A breach above $29 will be the first indication to pay attention to. The bulls may have a potential to surge as high as $50, which would represent a 100% increase from the current Avalanche price, if they are able to produce the aforementioned price action.