could avalanche avax slip down below 70 due to weakening fundamentals

Overview

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After a strong rally two weeks ago, Avalanche's price has fallen off the radar. Its weekly ROI of 10%, although positive, was Strongly bearish fundamentals act as tailwind to Avalanche's technically bearish setup. Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price With AVAX risking losing the $35 support area, AVAX faces a critical crossroad. If this level fails to hold, a deeper correction could follow. Let’s look at the charts The AVAX crypto token from Avalanche is currently going through a tumultuous period. This month, it indeed shows a decrease of 14%. Upstream, massive An RSI below the neutral 50-level suggests weakening buying pressure, which aligns with the token’s lower highs and lower lows pattern. If the RSI dips below 30, it If the AVAX price breaks above the $32 (200-day EMA) and maintains above it, it would signal market strength, invalidating the head-and-shoulders pattern. This bullish The Avalanche (AVAX) price is at a pivotal point, as current indicators offer bearish signals. Its 7-day Relative Strength Index ( RSI ) sits in neutral territory, suggesting Avalanche (AVAX) has recently completed a W-X-Y-X-Z corrective structure and surged into a five-wave impulsive rally, reaching resistance around the $26–$30 zone. AVAX is battling to maintain its position above the $25 mark amid recent market volatility. A notable increase in daily active addresses suggests growing user Avalanche’s native token, AVAX, plunged more than 10% in the past 24 hours, defying the broader crypto market’s stability. The sudden drop has sparked speculation

Is Avalanche (AVAX) poised to slip below $70? Recent performance and weakening fundamentals are raising concerns. After a strong rally two weeks ago, Avalanche's price has fallen off the radar. Its weekly ROI of 10%, although positive, hides underlying weakness.

Avalanche (AVAX) Price Analysis: A Tumultuous Period

The AVAX crypto token from Avalanche is currently going through a tumultuous period. This month, it indeed shows a decrease of 14%. Upstream, massive selling pressure is contributing to the downward trend. Avalanche’s native token, AVAX, plunged more than 10% in the past 24 hours, defying the broader crypto market’s stability. The sudden drop has sparked speculation about further declines.

Bearish Fundamentals Weighing on AVAX

Strongly bearish fundamentals act as tailwind to Avalanche's technically bearish setup. AVAX is battling to maintain its position above the $25 mark amid recent market volatility. With AVAX risking losing the $35 support area, AVAX faces a critical crossroad. If this level fails to hold, a deeper correction could follow. Let’s look at the charts.

Technical Indicators Suggesting Weakness

The Avalanche (AVAX) price is at a pivotal point, as current indicators offer bearish signals. Its 7-day Relative Strength Index ( RSI ) sits in neutral territory, suggesting indecision. An RSI below the neutral 50-level suggests weakening buying pressure, which aligns with the token’s lower highs and lower lows pattern. If the RSI dips below 30, it could signal oversold conditions, but also sustained bearish momentum.

Potential Upside Scenarios for AVAX

If the AVAX price breaks above the $32 (200-day EMA) and maintains above it, it would signal market strength, invalidating the head-and-shoulders pattern. This bullish scenario remains a possibility, but current trends suggest caution. Avalanche (AVAX) has recently completed a W-X-Y-X-Z corrective structure and surged into a five-wave impulsive rally, reaching resistance around the $26–$30 zone.

Recent Performance and User Activity

Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price movement remains volatile. A notable increase in daily active addresses suggests growing user engagement, but this may not be enough to offset the prevailing bearish pressure.