AVAX technical analysis turns more bearish: $8.98 support vs $9.12 resistance and BTC-$68.15k link
AVAX technical analysis shows price around $9.03, extending a downtrend and failing to regain short-term strength. AVAX remains below the EMA20 (near $9.45) with RSI in the low-40s and Supertrend pointing down. The near-term pivot range is roughly $8.98–$9.58.
Traders are watching a key buy/liquidity zone at $8.9833, supported by EMA50 (~$8.95) and recent swing lows. If AVAX technical analysis signals a break below $8.98, the downside plan targets $8.69, with a longer-view invalidation noted under $8.80.
On the upside, $9.1234 is the closest supply area. A more bullish reversal would require a clean reclaim above $9.12, first aiming at $9.47 before higher resistance near $10.38 (Supertrend resistance around $10.54).
Bitcoin remains the main catalyst. AVAX has a high BTC correlation (~0.85). If BTC loses support near $68.15k, AVAX may drift back to test $8.98 and potentially go lower. Conversely, if BTC holds and AVAX breaks $9.12 with volume, a short-squeeze could emerge.
Bearish
Both articles frame the move as bearish-to-neutral, but the later update is more defensive: AVAX sits below key short-term averages (EMA20 near $9.45), RSI stays weak in the low-40s, and Supertrend remains down. The actionable structure is centered on $8.98–$9.12. A breakdown under $8.98 (and especially below $8.80) increases downside odds toward $8.69 and potentially lower, while bullish confirmation requires a clean reclaim above $9.12 with volume. Since AVAX is tightly linked to BTC (correlation ~0.85) and BTC support around $68.15k is the swing factor, any BTC weakness likely accelerates AVAX selling pressure, keeping the near-term bias bearish.