Avalanche price analysis (Bearish) — 16.25 USDT (-6.23% 24h)

AVAX is showing concerning technical weakness as it trades at $16.25, down over 6% in the past 24 hours. The asset currently sits below both its 20-day SMA ($16.77) and 50-day SMA ($17.62), indicating sustained bearish momentum. However, the RSI reading of 34.8 suggests AVAX is approaching oversold territory, which could present a potential buying opportunity for contrarian traders. Volume remains substantial at over $102 million, indicating continued market interest despite the price decline. The 5.34% volatility reading suggests moderate price swings are likely to continue. For traders, consider scaling into long positions near current levels with tight stop-losses below $15.50. Resistance awaits at the $17.00-$17.50 zone, where previous support may now act as resistance. Risk management remains crucial given the current bearish technical structure.