Avalanche (AVAX) has found itself ensnared within a critical price zone, grappling with a lackluster trading volume that has hindered its price action. The coin’s journey has been fraught with challenges as market sentiment takes a bearish stance, casting shadows over its potential upward trajectory. The recent attempt at a bullish surge, stemming from the $11 support level, encountered a formidable obstacle at the $15.8 resistance level. This pivotal juncture proved to be an insurmountable barrier, leading to an abrupt price rejection. The consequence of this rejection has been instrumental in preserving AVAX’s bearish market structure, leaving traders and investors grappling with uncertainty. AVAX Long/Short Ratio Signals Predominance Of Sellers On closer examination of the trading landscape, the long/short ratio in the four-hour timeframe reveals a striking imbalance in favor of sellers. Data sourced from Coinglass paints a telling picture, with a staggering 56.5% of open contracts adopting short positions. Source: Coinglass This lopsided ratio serves as a clear indication that a significant cohort of market participants anticipates AVAX’s downward trajectory to persist, amplifyi ..
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