Avalanche price analysis (Bearish) — 30.88 USDT (-10.31% 24h)

AVAX is showing extreme oversold conditions with an RSI of just 7.23, indicating potential for a sharp relief rally. However, the current price of $30.88 sits below both the 20-day SMA ($32.99) and 50-day SMA ($33.79), confirming the bearish momentum. The 10.3% drop over 24 hours on elevated volume of $161M suggests strong selling pressure, though high volatility at 5.59% could trigger rapid reversals. Traders should watch for consolidation above $30 as a potential bottoming signal. Consider scaling into long positions with tight stops below $29.50, targeting a retest of the 20-day SMA. Avoid aggressive shorts at these levels given the extreme RSI reading. Risk management is crucial amid elevated volatility.