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AVAX bulls defended $15.75 support- Is the recovery sustainable?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Since 21 February, Avalanche [AVAX] retraced by 27% after facing price rejection at $21.68.

The $15.75 support level has prevented the drop twice. However, the rebound and potential strong recovery also faced headwinds that bulls should consider.

Read Avalanche [AVAX] Price Prediction 2023-24Source: AVAX/USDT on TradingView On the three-hour chart, the RSI (Relative Strength Index) has hovered below the 50 mark for the past two weeks.

Similarly, the OBV (On Balance Volume) declined significantly in the same period, showing that the buying pressure dropped and the AVAX market structure weakened.

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