Main takeaway restaurants:
- Avax fell 13.49% to $ 20.07 this week and broke the Low van February and approached the critical support of March at $ 15.28.
- A decrease of 6.82% in Defi TVL and $ 2.47 million net outflow on 31 May shows a strong risk-off behavior.
- SEC’s delay from Grayscale’s Avax ETF decision until July 15 finds market confidence.
- Declining triangle breakdown confirmed as a price below $ 21 support.
- More than 90% of the Avax holders remain in losses, indicating the constant downward pressure.
Avax price update: Avalanche slips in February with
Avalanche (Avax) broke under the low point of February of $ 20.20 and pushed under $ 21 to act at $ 20.07 – the weakest level in three months. Despite a 24-hour volume of more than $ 568 million, sellers remain in control.
Attempts to keep the support of $ 20.85 – $ 21.00 failed, failed, With the price that is now approaching the most important low point of March of $ 15.28. The price has now broken its short -term structure, which increases the probability of constant downward pressure.
ETF delay and market voting resistance Avax and Ada
The SEC delayed the judgment of Avax ETF from Grayscale until July 15, shortly after Vaneck had launched a specially built Institutional Fund for Avalanche. Instead of stimulating trust, this delay shook sentiment, cooling earlier optimism around institutional interest.
Cardano (ADA), confronted with a similar delay, also witnessed Drawdowns, showing that ETF decision-makinglessness continues to weigh on Layer-1 ecosystems.
Technical prospects: Demolition of triangular breakdown in Avaxusd
Exchange activity also supports the bearish case. On 30-31 May the net outflows reached $ 4.34 million, with consistent user outputs.
More than 90% of the Avax holders are now under water, with only 3.93% profit. This emphasizes the risk-off sentiment and increases the chance of further capitulation if the support levels break.
Conclusion: Demolition under $ 20.20 sets on the redest test of March support
Avax has now violated its low in February and goes to the level of $ 15.28 of March. This confirms a bearish structure with potential continuation, unless there is a strong interest from the buyer.
The entire Bearish EMA lines and momentum indicators continue to support the permanent voltage. If $ 19.50 does not holdAvax could test $ 15.28 in the short term.
Considering ETF retroses and loss of heavy holders, The Bearish trend can continue to exist until mid-June Unless the market structure decides Bullish.