Based

altFINS

Sherpa

Avalanche

<p>Avalanche (AVAX) has witnessed a steep 14% decline over the last 7 days, falling from its prior price of $11. A major catalyst for this downturn was the October 6th hack of Stars Arena, a social media platform on the Avalanche network, in which $3 million of AVAX tokens were stolen. Despite Stars Arena securing funds to reimburse the loss after the hack, the market still responded adversely.</p>
<p>However, analyst Altcoin Sherpa <a href="https://twitter.com/AltcoinSherpa/status/1712799982330544164?s=20" target="_blank" rel="noopener noreferrer nofollow">views</a> the AVAX dip as a potential buying opportunity, pointing to key factors that could spark a rebound:</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="505" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-1024x505.png" alt="" class="wp-image-355079" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-1024x505.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-766x378.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-1536x758.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-2048x1010.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-304x150.png 304w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-709x350.png 709w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335-788x388.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-335.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="two-factors-that-can-spark-avax-price-rebound">Two Factors That Can Spark AVAX Price Rebound&nbsp;</h2>
<p>Firstly, refunding hacked funds and reviving Stars Arena helps restore confidence in the network’s functionality and stability.</p>
<p>Secondly, AVAX has pulled back to logical support around its origin point, which could act as a demand zone for an upswing.</p>
<p>Altcoin Sherpa expects AVAX to recover past $10 again in the medium-term based on these factors. Analyst Tony Kols also <a href="https://x.com/Tony_223198/status/1712771369388101635?s=20" target="_blank" rel="noopener noreferrer nofollow">notes</a> the Stars Arena’s relaunch could attract investments to help reclaim the $10.50 resistance.</p>
<h2 class="wp-block-heading" id="current-technical-outlook">Current Technical Outlook</h2>
<p>Based on a recent technical analysis of Avalanche (AVAX) by altFINS, a potential shift in its price dynamics is observable, with the cryptocurrency breaking through a downtrend line and surpassing the pivotal $10 support level, hinting at a possible bullish trend reversal. This is especially noteworthy considering the $10 level was sustained in June and December 2022, suggesting traders might set a price alert for future developments.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-1024x573.png" alt="" class="wp-image-355087" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-768x430.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-2048x1147.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336-788x441.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-336.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>However, despite this potential uptick, AVAX’s trend remains neutral in the medium term and exhibits a downtrend in both short- and long-term analyses, with bearish momentum indicated by the MACD line being below the MACD Signal Line and an RSI below 45. The nearest support and resistance zones are identified at $8.5 and $10.0, respectively, followed by a sturdier resistance at $14.0.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/analyst-reveals-when-to-buy-the-dip-amid-avalanches-avax-continuous-price-decline-updates-on-technical-outlook/">Analyst Reveals When to Buy the Dip Amid Avalanche’s (AVAX) Continuous Price Decline: Updates on Technical Outlook</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Analyst Reveals When to Buy the Dip Amid Avalanche’s (AVAX) Continuous Price Decline: Updates on Technical Outlook

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