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Avalanche (AVAX) Price Analysis: Technical Outlook Remains Bearish Amidst Selling Pressure

Over the weekend, Avalanche (AVAX) experienced a significant increase in selling pressure, leading to a bearish breakout and a dip in price close to a multi-month low of $13.8. While the altcoin showed slight upward movement on the 24-hour chart, its performance on the weekly chart was lackluster, and both demand and accumulation levels remained low, resulting in a bearish outlook.

The undecided nature of Bitcoin (BTC) has influenced the price action of AVAX and other altcoins, causing uncertainty on their respective charts. The overhead resistance level for AVAX is crucial, as surpassing it could trigger a rally, while further selling pressure could lead to a fall below its immediate support level and strengthen the bearish sentiment.


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