news 
Avalanche Fights to Stay Above $19 – AVAX Can Hold Only If…
Avalanche’s [AVAX] current price action has raised concerns among investors as it struggles to maintain its support level of $19. At the time of writing, AVAX is trading at $19.56 with a slight 0.20% increase in the last 24 hours.
The cryptocurrency’s chart pattern is currently forming a symmetrical triangle, indicating a build-up of market indecision. This suggests that both buyers and sellers are waiting for the next move, which could lead to an explosive breakout or breakdown depending on the outcome.
Despite its current consolidation within this pattern, AVAX’s on-chain signals have turned bearish. The net network growth has declined by 0.67%, indicating a slight decrease in network activity. Furthermore, the “In the Money” metric has dropped by 0.79%, demonstrating that fewer investors are currently holding profitable positions.
Moreover, the concentration metric has remained unchanged at -0.19% over the past few hours, implying that there has been little change in the distribution of AVAX tokens within wallets. On a more bearish note, large transactions have decreased by 1.87%, suggesting a lack of significant bullish movement among large investors.
The “In/Out of the Money” chart further reinforces this bearish sentiment. Currently, an overwhelming 80.09% of addresses holding AVAX are underwater with losses, while only 5.98% of holders are in profit at the current price level. This stark contrast in investor positions could lead to a cascade of sell-offs if the price fails to hold its support.
With the cryptocurrency’s chart pattern and on-chain signals pointing towards a bearish outcome, it is crucial for investors to closely monitor the situation as AVAX navigates this critical juncture.
Source: https://ambcrypto.com/avalanche-fights-to-stay-above-19-avax-can-hold-only-if/
