Raue See for Avalanche: The AVAX course level is uncertain and the open interest at the month low
- Avax fights to keep up at $ 18.50, and falling open interest and the dissolution of long positions do not promise anything good.
- The MACD is below the signal line, the RSI remains at 36 and rejecting is formed.
Avalanche (Avax) gave up 1 % on Wednesday and reached $ 18.58. This decline followed a wider cooling on the derivative market, where the open interest fell to the lowest level for a month. Avax puts the weak price development under pressure.
Coinglass data showthat the open interest from AVAX fell to $ 441 million. This corresponds to a decline of more than 3% in 24 hours and means only a lower participation of dealers and a steady outflow of capital.
The liquidation activities in the 24-hour period also show the declining development. Long positions worth $ 1.40 million were smooth, while short positions worth only $ 86,000 were liquidated. This imbalance reduced the long-short ratio to 0.9451, which indicates that more dealers rely on further losses.
AVAX course should continue to fall
The technical Indicators Stay unfavorable. The MACD continues to move under its signal line, and growing red histograms under the zero brand point to an increasing intensity of sales. At the same time, the relative strength index (RSI) is 36 and thus above the threshold for the oversized area, but continues to signal a weak dynamic.
Such values indicate possible consolidation or even deeper setbacks. Should Avax be able to keep the lower limit of $ 18.50 – which was last tested on April 16 -, the coin could continue to slip. Immediate support is seen at $ 16.14, whereby a lower decline could possibly push the course towards $ 14.66 in the direction of this year’s low.
While an oversized RSI often precedes recovery, the current mood does not reflect a significant change in the behavior of the dealers. The refinancing set, which is weighted after Open Interest, moves with 0.0022% in the neutral area and shows a temporary balance, but no special purchase pressure.
Avax is about to resist
Despite the latest attempts to recapture higher terrain, the pattern of the candle formations shows pressure from above with long upper wicks. This often reflects a rejection at a higher level and sales. As long as the general market mood does not improve, the turnaround remains uncertain.
The latest mood report from Coincodex supports this careful assessment. Coincodex classifies the current market mood as bear, while the Fear & Greed Index is 52, which means a neutral mood among the dealers. Avax recorded 16 green days in the last 30 sessions, but with a 30-day volatility of 7.62%, price stability is difficult to grasp.
If the market conditions allow a recovery, Avalanche could test its 50-dayemaema, which is currently $ 21.11. But this level is far away, unless there is a stronger momentum. In view of the dwindling open interest, the declining tendency of the momentum indicators and the lack of clear trigger for a trend reversal, the general prospects are currently bad, and you cannot talk nicely.
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