Avalanche slides to March lows amidst U.S. debt talks
breached below the $26.6k area as selling pressure intensified. With speculation that the U.S. debt talks could extend into Memorial Day weekend, there is likely volatility in the next few hours/days.The 12-hour chart’s RSI has been dominantly below the neutral level of 50 since the second half of April, highlighting heightened selling pressure in the same period. For CMF, there have been fluctuations between negative and positive zones, showing capital inflows wavered.
The overwhelming selling pressure saw AVAX drop sharply from the supply zone , near $21 – $22, to March swing lows of $13.88 as of press time. The underlying bearish pressure and weak BTC could tip the scale further in favor of bears. As such, sellers could extend gains beyond March swing lows. The next support levels are at $13.43, $12.81 and $12.07. These could act as short-selling targets.
However, if BTC reclaims the $26.6k level, AVAX bulls could gain little leverage. They could attempt to clear the $14.41 hurdle and rally to $51.19. A move above this level could tip AVAX to retest the $16.3 level.2023-24 In mid-April, AVAX’s open interest rates rose above $160 million, pushing the price to $20. However, OI fluctuated in May, tanking significantly around halfway into the month before attempting recovery.Regardless, AVAX’s exchange long/short ratio showed very little spread between long and short positions in the 12-hour timeframe. As such, the price could go in either direction and tracking BTC’s movement could offer more clarity.
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