Avalanche (AVAX) price stayed under pressure as traders watched a narrow technical setup, as of May 3. Market activity increased, yet the token failed to regain upward strength. Analysts said the next confirmed move could decide whether AVAX attempts recovery or faces a deeper selloff.
As of writing, AVAX is trading at $9.09, showing a decline of 0.62% in the past day. The trading volume is showing a strong bullish surge up 45.31% and is currently standing at $157.18 million. Over the last week, the AVAX coin price has decreased by 3.98%, according to CoinMarketCap.
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AVAX Price Holds Near Critical Support
Crypto analyst Filiz highlighted that AVAX has failed to impress several traders. The analyst added that such a silent spell can precede more vigorous action. Filiz continued that the chart continues to provide signals, despite the seeming low attention.
Filiz focused on the falling structure. He said that the price is being squeezed within that pattern. The analyst also added that any move to go up has been met with selling pressure. AVAX price now is attempting to maintain a lower support range.
The major upside range in the perception of the analyst lies between the prices of $11.26 and $15.57. He referred to this zone as a critical reversal range.
A close above it could open up the possibility of greater momentum. He then indicated the higher targets of $23.35 and $33.35 in case the recovery is prolonged.
The analyst also noted that a close below $7.63 would make the arrangement weak. In such a case, Filiz has indicated the potential movement to $6.08 followed by the $3.86 band. The analyst explained that the move would shake hard in case that lower break happens.
In addition, another analyst, Emilio Crypto Bojan, mentioned that AVAX price is capable of bouncing to $11 in case it breaks out of the range of $8.13 to $10.58. Bojan noted that funding rates are still red with AVAX trading at lower bottom levels than before.
The arrangement demonstrates that shorts continue to lean too hard. The analyst pointed out that a clear move above the level of $10.58 would make a bounce at the level of $11 very realistic.
Futures Volume and Open Interest Climb
According to CoinGlass data, the future trading volume has grown 18.62% to $411.49 million. Open interest rose 3.26% to $385.96 million. The AVAX OI-weighted funding rate is recorded at 0.0061% as traders awaited a confirmed breakout or breakdown.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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