AVAX coin price experiences high selling pressure resulting in the bearish breakout of the symmetrical triangle pattern with the gaining downfall momentum.

Key technical points:
<ul>
 	<li style="font-weight: 400">The coin price breaks below the $70 mark</li>
 	<li style="font-weight: 400">AVAX coin could retest the bearish breakout </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Avalanche is $717 Million, marking a 30% rise. </li>
</ul>
<h2>Past Performance of AVAX</h2>
AVAX coin price has been influenced by the solid resistance trendline of the triangle pattern. And, with the rejection, the altcoin breaks below the symmetrical triangle pattern and the 200-day EMA as the selling pressure increases. The downfall gains momentum with the breakout of $70.

<img src="https://s3.tradingview.com/snapshots/g/G9jhP64f.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/G9jhP64f/">Tradingview</a>
<h2>AVAX Technical Analysis </h2>
AVAX coin price fell below the $70 mark, and it may shortly reach the upcoming support level at $65. However, the increasing selling pressure evident by the jump in trading volume hints at a downtrend to $50.

The falling 50-day EMA is on the verge of giving a bearish crossover with the 200-day EMA resulting in a death cross. It could significantly increase the bearish influence. Moreover, the recent fallout of the 200-day EMA demands a retest for a further downtrend continuation. 

RSI Indicator: The RSI slope and the 14-day SMA tanks the 50% line indicating a phenomenal rise in underlying bearishness. Moreover, the RSI slope continues the downtrend, and a fall below the support of 40% will generate a selling signal.

MACD Indicator: The MACD and signal lines maintain a downward trend resulting in the breakout of the zero line boundary. The bearish histograms showcase a sideways trend indicating a constancy in the selling pressure. 

In a nutshell, AVAX technical analysis projects a bearish picture for the Avalanche token and hints of a fall to $50.
<h2>Upcoming Trend </h2>
AVAX coin price might shortly break below the $65 mark, highlighting a solid selling spot with a target of $50. However, the potential death cross could increase the trend's bearish grip, resulting in a further downtrend continuation. 

Conversely, the retest closing above the 200-day EMA will nullify the selling opportunity, and a price jump to $85 is plausible.

Support Levels: $65 and $50

Resistance Levels: $75 and $85

AVAX Technical Analysis: Bears OutGrows Triangle, Downfall To Touch $60

AVAX coin price experiences high selling pressure resulting in the bearish breakout of the symmetrical triangle pattern with the gaining downfall momentum.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;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.

AVAX Technical Analysis: Bears OutGrows Triangle, Downfall To Touch $60

Top Picks