$AVAX is trading at $11.02, currently languishing near its yearly lows. The asset has been hit hard by the rotation out of Layer-1 tokens, breaking below the key $15 support level. Technically, AVAX is in a clear downtrend characterized by lower highs and lower lows. The immediate resistance is found at $13.50. A lack of buying pressure at these levels suggests that the market is waiting for Bitcoin to stabilize before bidding up AVAX. If the sell-off intensifies, the next major support level is way down at $8.50. For a reversal, bulls must clear the $14.00 mark on high volume to confirm that the selling climax has passed.
