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Vikram
May 6, 2022
by Vikram

AVAX Technical Analysis: Buyers Trapped Within Reversal At $67

avax
AVAX prices fail to surpass the resistance level of $67 as sellers undermine the bullish week with a 12% overnight fall resulting in a bearish engulfing candle.

Key technical points:

  • AVAX market price approaches the $50 mark.

  • The MACD indicator fails to give a bullish crossover.

  • The 24-hour trading volume of Avalanche is $1.285 Billion, reflecting a hike of 57%. 

    • Past Performance of AVAX

    Failing to accept the power dynamic bullish trend shift shows an early reversal from the $67 mark. Unfortunately, the reversal comes with a boom in trading volume and accounts for a fall of 12% to create a  bearish engulfing candlestick. 

    TradingView Chart

    AVAX Technical Analysis 

    AVAX prices continue to fall and approach the next support level at $55 as the selling pressure refuses to fade away. Hence, traders can expect the downtrend to briefly breach $55 to test the psychological mark of $50.

    With the recent death cross, the chances of 100 and 200 EMAs giving a bearish crossover increases significantly. Hence, the EMAs are ready to achieve the bearish alignment in the daily chart.

    The MACD and the signal line fail to give a bullish crossover as the lines fail to merge due to the sudden bearish takeover. Hence, the lines maintain a downtrend to dive deeper into the negative territory with a minimum bearish spread.

    The daily RSI slope shows a sideways trend slightly above the oversold boundary after failing to sustain above the halfway mark. 

    In a nutshell, AVAX technical analysis shows a downtrend possibility below the $50 mark.

    Upcoming Trend 

    AVAX price falls under the influence of solid selling pressure, projecting a potential fall under $58. Hence, traders can find the breakout as an excellent selling spot to target the next support level at $50.

    Support Levels: $58 and $50 

    Resistance Levels: $67 and $75

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    Avalanche AVAX
    AVAX Technical Analysis: Buyers Trapped Within Reversal At $67
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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