$AVAX is Taking a Hit! Is a Relief Bounce Incoming?
Let's dive into the AVAX/USDT 4H chart. After an impressive rally up to the $9.84 level, the bears have clearly stepped in. We've seen a sharp pullback, and the price is currently hovering around $8.88.
Here’s what the indicators are whispering right now:
Oversold Territory: The RSI(6) has plummeted to 28.4! We are officially in oversold territory on the 4H timeframe, which often means a relief bounce could be brewing.
EMA Breakdown: The price has slipped below key short-term support, dropping under the 7, 25, and 99 EMAs. The bears are definitely flexing their muscles here.
Crowd is Buying the Dip: Check out that Long/Short ratio! It's sitting at a massive 2.31, with nearly 70% of traders going Long. The crowd is heavily betting on a reversal, but in crypto, we always have to watch out for long squeezes.
Are you stepping in to buy this dip, or waiting on the sidelines for confirmation?
Disclaimer: This is technical analysis, not financial advice. DYOR
#Avalanche #AVAX