Last but not least, let's take a look at everyone's favorite red coin - AVAX.

Looking at the 4-hour time frame, we can see the price action is similar to LUNA's - a steep sell-off with lower lowers. However, this time, the price is revisiting the April low, not the March one. $75 has been a strong support level in the past, but will it continue to hold?

Taking a closer look at our most recent price action, we can see that the last time the price was at this level, bears took a short-term control and pushed the price to its nearest support. A loss of this level could push AVAX towards the lower $70 area.

A 4-hour close above $77 will set AVAX to make a run towards our area of interest. However, a 4-hour close below the psychological level of $73 could allow the price to continue to print lower lows.

You may also want to check out “What is Avalanche (AVAX)? Features, Tokenomics and Road Map”