The native token of Avalanche, AVAX, appears bearish and may experience a price decline due to a bearish price action pattern on the daily time frame. It is currently struggling to hold a crucial support level of $35. If it fails to hold this level and closes a candle below $34.50, it could drop by 14% to $29 in the coming days. The Relative Strength Index suggests a potential price reversal, but market sentiment is predominantly bearish, with a majority of traders holding short positions. Despite this, long-term holders remain confident in AVAX, as indicated by a significant outflow of the token from exchanges. AVAX is currently trading at $34.96, with a 6.35% decline in the past 24 hours and increased trading volume.



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