- •AVAX price is showing signs of accumulation at $30 support, hinting at a potential bullish break.
- •Stochastic RSI is deeply oversold, and a bounce could be near despite the short-term pressure.
- •A $750M market cap drop hints at panic selling; recovery depends on volume and support zone reaction.
Analysts are eyeing for a breakout toward higher levels, as price action signals possible accumulation near 30, wAvalanche (AVAX) trading at $28.21 after a 8.77% drop in the last 24 hours.
AVAX Price Action Holds Steady Amid Pressure
Avalanche (AVAX) has drawn attention after holding ground near the $30 region, despite a recent dip that saw prices fall as low as $28.19. According to data from Coinbase shared by CryptoPulse on X, AVAX is forming a classic accumulation pattern, with price action clustering above a support zone at $28.30.
This zone has historically seen buying interest, with repeated bounces, pointing to active accumulation by traders. A projection line on the 4-hour chart outlines a bullish structure forming — featuring higher lows and rising momentum. If AVAX clears resistance at $31, bulls could push toward the $43–$44 zone in the short term. Further confirmation hinges on volume spikes and clean retests.
Reversal Signals Surface Amid bearish pressure
AVAX faced a sharp rejection from $30.50, tumbling to $28.19 with increased sell volume. The Stochastic RSI is buried near zero, showing the coin is heavily oversold — a technical signal that often precedes a bounce.
Source CryptoRank
Meanwhile, the MACD remains deep in bearish territory. The histogram is expanding negatively, confirming that downward momentum is still strong. The support between $27 and $27.50 now becomes crucial. A breakdown below this range could invalidate the bullish thesis in the near term.
Market Cap Slumps as Sentiment Wavers
Market data from October 1 to 7 reflects a significant drop in AVAX’s market cap. After holding above $12.75B for most of the week, a sharp $750 million drawdown occurred within 36 hours, plunging it below $12B. According to on-chain analytics, the decline aligns with increased trading volume — a sign of heavy distribution.
Despite the panic, a strong Q3 showing — with gains exceeding 25% in July and September — suggests buyers remain interested if technical conditions realign. Analysts are monitoring resistance zones and volume confirmation to validate any breakout attempts.