The AVAX price second rejection from the $95 mark implies the traders hold a sell-on-rally stance. The AVAX price trading at the $77.5 mark registered a 16.5% fall in the last four days. Moreover, the fallout from the $78 suggests the completion of the double bottom pattern, supporting further selling.
Key technical points:
- The recent sell-off in the crypto market has engulfed the 20 and 50 DMA
- The intraday trading volume in the AVAX is $1.2 Billion, indicating a 33.4% hike
The AVAX price turned down from the $95 mark on February 17th, indicating the sellers are aggressively defending this resistance. Moreover, the resulting downfall displays a double bottom pattern in the daily time frame chart.
The technical chart displays a confluence of major technical levels at $78 along with a 0.5 Fibonacci retracement level and upcoming support trendline. On February 20th, the sellers gave a decisive breakdown from this crucial support, triggering a short-entry opportunity.
The Daily-MACD indicator shows a bearish crossover of the fast and slow line, projecting a sell signal. Moreover, these lines can soon slip below the neutral zone, suggesting the bears have overpowered bulls.
Is More Pain to Follow?
Following the breakdown, the AVAX price pulled back to retest the new flipped resistance($0.78). By the press time, the coin chart shows a higher price rejection candle at this level, indicating intense supply pressure.
The sustained selling would tumble the AVAX/USDT pair by 14%, bringing it to $65. If bears plunge the pair below this support, the selling pressure would intensify and sink the altcoin to January low($55).
However, the coin price currently retests the 200 DMA, which could defend buyers from further decline. If they succeed, the buyers would drive the altcoin to $95 resistance.
Resistance levels- $95, and $115
Support levels-$65 and $55
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