AVAX price on the brink of sliding to $15 despite on-chain frenzy

Avax Price is found at a critical technical stage, with an action price flashing signals lowered despite a strong activity on the chain on avalanche.

After a steep low trend that has the bottom in mid-March, avalanche (Avax) The reverse price of a double -bottom model and began to consolidate in an ascending channel, maintaining an upward momentum until the end of the month, as confirmed by an increasing RSI.

Since then, however, the price action has developed with regard to a descending triangle model, with the price that now oscillates near the key horizontal support. Above all, Avx price Also broke below the lower border of the ascending canal, suggesting a potential displacement of the structure of the upper consolidation market for emerging bearish pressure.

The price is now at a critical level of Make Or -Brise, where the confluence of the horizontal support (~ $ 17.80 – $ 18.50), the lower limit of the descending triangle and the support of the recently broken ascending canal cross. This area represents a major decision point for the market. A break below this confluence area would probably confirm the downstream triangle failure, opening the door for a movement around $ 15.00.

With RSI on the point of surveillance and the price seated in support at several levels, the next daily candles will be crucial to determine whether Avax resumes its lower trend or attempts an optimistic recovery from this confluence support area.

This lower price action takes place despite Avalanche showing a strong activity on the chain.

The recent increase in transactions – largely motivated by Arena.trade, a launch This allows users to reach ERC -404 style tokens negotiable directly from X Publications using a link curve mechanism – has considerably increased the metrics of the network. In particular, the 7 -day mobile average of daily transactions exceeded 1 million, its higher in more than a year.

However, this increase in activity was not accompanied by a sustained increase in active addresses, indicating that a smaller group of users stimulates most of this volume.