$AVAX continues to trade within a clear 4H downtrend, with price holding below the 20, 50 and 200 EMAs and structure printing persistent lower highs. The recent bounce off the local low failed to reclaim prior breakdown supply, keeping the broader bearish regime intact.

Price is now compressing just under a minor resistance cluster while MACD flattens near the zero line. Volume has faded compared to the earlier selloff spike, suggesting consolidation rather than strong reversal pressure.

If $AVAX remains capped beneath the latest lower high and EMAs continue acting as dynamic resistance, continuation to the downside remains the higher-probability path. A sustained move above that supply zone would be needed to challenge the structure.