Avalanche (AVAX) is testing a multi-year technical support level as selling pressure continues. The token traded at $8.64 on Saturday, down 4% daily and nearly 7% over the past week. Analysts are watching the base of a descending triangle pattern that has held since 2021, while technical indicators signal sustained bearish momentum below key moving averages.
The Avalanche (AVAX) token is testing a crucial long-term support level as its price declines. On Saturday, the asset traded at $8.64 with a 4% daily drop and a weekly decrease of nearly 7%.
Crypto analyst Jonathan Carter highlighted that the asset is holding the support of a descending triangle on its weekly chart. “This support level has held since 2021, and the long-term formation is still in place,” he stated.
According to CoinGlass data, futures trading volume fell over 7% to about $549 million. Open interest also declined by nearly 6%, indicating reduced activity in leveraged positions.
Technical indicators reinforce the current downtrend. The price remains below its 20-day Exponential Moving Average (EMA) of $9.18 and its 50-day EMA of $10.37. The Moving Average Convergence Divergence (MACD) histogram shows a reading of 0.11, indicating a slight improvement in bearish momentum.
The asset’s future trajectory depends on whether this multi-year support zone continues to hold. Market participants are closely observing price reactions at this critical technical level.
