AVAX Faces Extended Selling Pressure Near $9.50 as Key Levels Test
Avalanche’s token AVAX is trading with sustained selling pressure, struggling to regain upside momentum near $9.50. The price remains trapped around $9.30–$9.50 after slipping below an ascending trendline, signaling short-term weakness.
Traders are watching two pivotal zones. Support is at about $9.30. Resistance sits in the $10.20–$11.38 band. A sustained break above $10.20 would strengthen bullish signals, while a daily close below $9.30 could push AVAX toward $8.27 and lower levels.
Elliott Wave analysis (trader “Ace”) suggests AVAX completed a five-wave upward cycle and is now in a corrective phase. As long as AVAX trades below the critical $11.38 level, downside pressure is expected to persist. Additional mid-term risk markers are flagged at $8.27, $7.13, and $5.61.
On-chain and institutional notes add context. Grayscale launched an Avalanche staking ETF, highlighting continued institutional interest. Separately, Coinvo data highlighted a large USDT-to-AVAX swap: a $50M USDT conversion on Ethereum into about $36K worth of AVAX, drawing attention to liquidity and positioning.
Overall, AVAX’s next market phase likely hinges on how price reacts around $9.30 support and the $10.20–$11.38 resistance range. AVAX remains a level-driven trade with clear invalidation zones for both bulls and bears.
Bearish
This is classified as bearish because AVAX is still showing sustained selling pressure and is failing to regain momentum near $9.50. The technical setup also leans negative: AVAX slipped below an ascending trendline and is confined to $9.30–$9.50, with a major resistance wall at $10.20–$11.38. Elliott Wave framing reinforces the downside bias while price remains below $11.38.
However, the news is not purely bearish for traders. It highlights nearby support ($9.30) and outlines what would flip sentiment (a sustained move above $10.20). If the market defends $9.30 and forms consolidation, the longer-term channel thesis suggests a gradual recovery toward higher targets.
Historically, level-bound breakouts around resistance/support bands often determine whether corrective phases extend or reverse. For AVAX, that means watch for: (1) rejection at $10.20–$11.38 (likely continuation of selling), or (2) acceptance above $10.20 (potentially starting the next bullish leg). Institutional interest via a staking ETF and a large USDT→AVAX swap can support volatility, but the dominant near-term signal remains the technical weakness around $9.50.