With the bear cycle cracking below the support trendline, the sellers plan a downfall below the $70 mark. Moreover, the retest of the bearish breakout brings an entry point for sellers. However, will the AVAX buyers step in at the horizontal level, or a clean bearish cut will continue the downfall. Thus, should you keep holding to surpass the downfall, or is it a time to sell?
- The post-retest fall may tumble the AVXA price by 28%
- The 50 and 100-day DMA give a bearish crossover.
- The intraday trading volume in the AVAX is $541.5 Million, indicating a 4.5% gain.
The AVAX/USDT price chart shows a bullish failure to surpass the resistance confluence of the psychological barrier of $100 and the ascending trendline. This reversal put an end to the previous bull cycle of 45% within two weeks.
The downfall cracks under multiple support levels, crucial EMAs, and the rising channel support. The increasing selling pressure strikes below the support trendline and hangs tight at the $70 horizontal level.
The reversal at the horizontal level retests the bearish breakout of the channel pattern. Hence, a post-retest reversal can initiate with daily candle closing below the $70 mark.
The probability of price sustaining above the $70 mark decreases as the broader market shows correction. Hence, a downfall continuation will hit the $52 mark if sellers break $60.
In the unlikely event of a bullish reversal, an upside move back to $80 within the expanding channel.
EMAs- The downtrend in the EMAs intensifies with the 50 and 100 DMA bearish crossover. Moreover, the 50 DMA offers dynamic resistance to AVAX price.
RSI- the RSI (35) slope creeping lower into the nearly oversold region shows a gradual rise in underlying bearishness.
Resistance levels- $78.8, and $100
Support levels- $67 and $52
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?