Can AVAX defend the $10 psychological level?

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

• AVAX’s sellers pushed the altcoin to a key bullish zone. 
• Demand within the Futures market dipped barely. 

Aggressive Avalanche [AVAX] sellers grabbed +15% shorting beneficial properties after dragging the altcoin from a current excessive of $11.88 to a press time worth of <$10. However the pullback has hit key bullish zones. 

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AMBCrypto’s current AVAX value analysis projected that the sooner bullish momentum might tip AVAX to $11. The projection was validated, however sellers entered the market after AVAX hit a key roadblock.

Will $10 cease the plunge? 

Supply: AVAX/USDT on TradingView

AVAX’s restoration confronted value rejection at a value imbalance space of $11.88 – $12.15 (white). A each day bearish order block (OB) of $12.15 – $12.46 (pink) exists above the worth imbalance sellers exploited for current market re-entry. 

However the pullback has hit a key bullish stage and a beforehand invalidated each day bullish OB of $9.89 – $10.13 (cyan). Under the bullish OB, one other value imbalance/liquidity space of $9.49 – $9.81 (white). 

So, the AVAX’s drop might ease on the above two ranges if BTC doesn’t publish extreme losses within the subsequent few days. As such, $9.5 and $10 could possibly be key shopping for curiosity ranges, with instant bullish targets at $10.54 and $11.02. 

Conversely, an prolonged plunge beneath $9.49 (value imbalance) will weaken AVAX’s extra. In such a particularly bearish situation, the subsequent helps are $9.3 and $9.0.  

In the meantime, the RSI retreated towards the 50-median stage at press time, denoting promote stress heightened previously few days. An RSI rebound on the 50-mark will verify a possible value reversal at $9.5 or $10. 

Nevertheless, the demand for AVAX declined, too, as proven by the OBV’s downtick. 

 Demand for AVAX within the derivatives phase improved

Supply: Coinglass

In keeping with Coinglass, the AVAX’s Open Curiosity (OI) charges have been muted in September however improved in early October. The metric surged to >$130 million by 7 October, however retreated afterward. 

How a lot are 1,10,100 AVAXs worth today? 

It exhibits demand for AVAX within the Futures market improved however dropped previously two days. 

A dip in quantity and liquidation of extra lengthy positions previously 24 hours earlier than press time additional cemented the above bearish sentiment within the Futures market.