Avalanche prices have dropped again! Will AVAX price hit a 10% correction soon?

The cryptocurrency industry continues to see significant price volatility, highlighting the increasing selling and buying pressure in the market. Additionally, AVAX price continues to record sustained corrections, indicating a bearish impact on the market.

Avalanche price traded in a closed range between $45 and $50 for a period of time before the market lost momentum and the price collapsed.

The AVAX coin price then traded in a consolidated range between $40.01 and $42.50 for a while. AVAX price recorded a valuation correction of more than 25% after being rejected at $42.50.

The bulls have tried to break out several times but the bears have held the price strong, indicating that there is a downtrend in the market. After several attempts, the bull successfully escaped the range.

Since then, the price has consistently traded in a consolidated range between $35 and $40.01. The recent uptrend lost momentum and the chart collapsed.

Will AVAX price rise again?

Moving Average Convergence Divergence (MACD) displays a steady red histogram, indicating increasing selling pressure in the cryptocurrency industry. Moreover, the average shows a bearish trend, suggesting that prices will likely continue to experience corrections before rebounding in the future.

If the market pushes AVAX price above the resistance level of $35, the bulls will soon regain momentum and test the upper resistance level of $40.01. Additionally, if the market holds the Avalanche token at that level, it will be ready to test the $42.50 resistance level next week.

Negatively, if the market fails to gain momentum, Avalanche price will likely move lower to test the $30 support level. Moreover, if bears continue to dominate the industry, the price will be ready to test the lower support level of $27.46 in the coming days.