Avalanche Price Consolidates After Breaking Down from Ascending Trendline

Avalanche's price has been consolidating after breaking down from an ascending trendline in July. According to a report, stablecoin issuers earned $6.9 million in June from reserves backing Avalanche-resident tokens, while the network's own on-chain output was lower at $3.1 million.

The claim raises questions about how much value AVAX itself is capturing from stablecoin activity on its chain, though it hasn't shown any clear impact on price so far.

Analysts say that if the price sustains above $6.3732, the bullish case stays alive for the next one to two weeks. However, a close below this level would open the door to deeper losses.