Due to the overall weakness in the altcoin market, Avalanche (AVAX) has broken below the key psychological level of $10 and is currently trading around $9.5. Despite bearish signals on the daily chart, including a break below the Ichimoku cloud, AVAX is attempting a short-term bounce within an ascending channel. Buyers are holding the support level, and the price may test the resistance area of $9.7. A break above $10.30 could signal a stronger rally, while a failed breakout could push the price toward a consolidation range of $8-$10.