AVAX Technical Analysis: AVAX Prices Soon To Break $50

Key technical points:

Past Performance of AVAX

AVAX price is trading around the $61.2 mark and has an intraday increase of 4.2%. However, if the resistance trendline remains, the market price remains under the bearish influence. Therefore, the selling pressure accelerates to drop the market price below $67.6 and the $60 level of support, representing a loss of 25%.

Source-Tradingview

AVAX Technical Analysis 

The bull trap has kept the buyers in a state of fear, and forced liquidation will likely result in more sell orders coming into the market. The continued selling could push the AVAX price by 8-9% lower to the $53 flipping support level.

However, the smaller volume indicates a weakening in this relief rally, and the price may reverse from the descending trendline. This could provide active opposition to coin price.

As the downtrend gains momentum, the crucial daily EMAs project a death cross 50 and 200-day EMA. Furthermore, the price trading below the EMAs indicates an overall bearish sign.

The RSI slope indicates an upwards trend in an almost overbought area, which indicates an upward trend affected by that 14-day SMA. Thus, the indicator predicts the absence of bullish momentum in an upward rise.

The MACD and the signal lines tend towards bears when they cross over the negative zone. But, the tiny spread of bearish ensures that the possibility of a bullish crossover remains in play.

In short, the AVAX technical analysis displays a bull trap as the daily candles show higher price rejection.

Upcoming Trend 

AVAX coin price faces strong bearish opposition at the $60 mark, keeping the bullish growth in check. Hence, the bull trap might shortly continue a downfall below the $53 mark and reach the upcoming support of $45.

Resistance Levels: $67 and $75

Support Levels: $53 and $45