AVAX could decline by 17% to reach the $28.50 level if it fails to hold the $34.50 level.

• AVAX traders are currently over-leveraged at  $34.72 on the lower side and $36.52 on the upper side.
• The altcoin is receiving support from the 200 EMA and $35 level.

Avalanche [AVAX] seems to be badly impacted by the current market sentiment and is currently on the verge of a notable price decline. 

The past two months have not been in favor of the bulls, as the altcoin witnessed a price decline of over 35%, from $53 to $35.