Avalanche (AVAX) is at risk of a 17% price decline to $28.50 if it fails to hold the $34.50 level. Key points:

_Over-leveraged traders_: AVAX traders are over-leveraged at $34.72 and $36.52, with major liquidation areas near these levels.

_Bearish sentiment_: Traders holding short positions outnumber those holding long positions, indicating a clear bearish signal.

_Technical analysis_: AVAX is at the neckline of a bearish head and shoulders pattern and a descending triangle price action pattern.

_Support levels_: AVAX is receiving support from the 200 EMA and $35 level.

_Price outlook_: If AVAX fails to hold the $34.50 level, it may decline by 17% to $28.50. However, the RSI indicates AVAX has enough strength to hold this level.

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