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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/avax-coin-price-drops-below-40" rel="noopener noreferrer nofollow">AVAX Coin Price Drops Below $40</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/avalanche-ecosystem-tokens-avax-and-gmx-show-positive-price-trends" rel="noopener noreferrer nofollow">Avalanche</a>‘s native cryptocurrency, AVAX, is currently navigating turbulent times as its <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">price</a> dips below the $40 mark. Influenced by Bitcoin’s ongoing <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a> negativity, AVAX is now testing the critical $31 region, prompting speculation on the duration of this downturn and what steps <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a> can take next.</p>
<h2 id="what-are-the-current-support-levels">What Are the Current Support Levels?</h2>
<p style="text-align: justify">Bitcoin (BTC) has seen a significant decline of over 20% from its peak, which has also impacted AVAX, driving its price down to the $30 range. The four-hour chart illustrates crucial support and resistance levels for AVAX. If the price drops below $30, substantial liquidations in futures could ensue, accelerating sales further.</p>
<p style="text-align: justify">AVAX is currently trading at $31.9, just above the main support level of $30.74. A loss of this support could trigger a rapid decline. In the short term, resistance levels are identified at $33.26 and $34.06, while $39.78 serves as the EMA200 level and trend resistance.</p>
<h2 id="will-avax-investors-hold-out">Will AVAX Investors Hold Out?</h2>
<p style="text-align: justify">The Ichimoku Cloud presents key resistance, and a price rise above it is needed for a potential reversal. However, the holding periods for AVAX investors have reverted to late 2022 levels, indicating a shift towards short-term goals and confirming a selling trend.</p>
<p style="text-align: justify">Various metrics suggest that AVAX investors are minimizing their risks and distancing themselves from the market. While fewer short-term investors can lessen immediate price volatility, the current lack of investor appetite allows large sellers to push prices down further.</p>
<h2 id="what-should-avax-investors-watch-for">What Should AVAX Investors Watch For?</h2>
<p style="text-align: justify">– Monitor the $30.74 support level; a drop below it could accelerate declines.</p>
<p style="text-align: justify">– Keep an eye on resistance levels at $33.26 and $34.06 for potential upward movements.</p>
<p style="text-align: justify">– Pay attention to US inflation data, as it could trigger volatility in the crypto <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">markets</a>.</p>
<p style="text-align: justify">– Watch for large sellers in the market, as they have the potential to drive prices down further.</p>
<p style="text-align: justify">The impending US inflation data could significantly impact Bitcoin and other cryptocurrencies, potentially ushering in a period of heightened volatility. Should AVAX drop below $24, accelerated declines may follow, making it crucial for buyers to maintain the price within the $25-27 range to avoid further losses.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/avax-coin-price-drops-below-40" rel="noopener noreferrer nofollow">AVAX Coin Price Drops Below $40</a></h5>

AVAX Coin Price Drops Below $40

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