Avalanche (AVAX) experienced a 4.91% price drop in the past 24 hours, one of the steepest among the top 35 cryptocurrencies by market capitalization. This decline was accompanied by rising Open Interest and a breach of the $6.50 support zone, with prices now trading below this level. Negative funding rates confirm a firmly bearish short-term outlook, with traders maintaining a bearish bias. The support area around $6.40 appears to have been broken, which could accelerate the downtrend toward $6.0. The zone between $6.70 and $6.85 presents a short squeeze risk due to a dense cluster of short liquidations.
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