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:
<ul>
 	<li style="font-weight: 400">AVAX market price approaches the $50 mark.</li>
 	<li style="font-weight: 400">The MACD indicator fails to give a bullish crossover.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Avalanche is $1.285 Billion, reflecting a hike of 57%. </li>
</ul>
<h2>Past Performance of AVAX</h2>
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. 

<img src="https://s3.tradingview.com/snapshots/m/mab4iIeU.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/mab4iIeU/">Tradingview</a>
<h2>AVAX Technical Analysis </h2>
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.
<h2>Upcoming Trend </h2>
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

AVAX Technical Analysis: Buyers Trapped Within Reversal At $67

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.

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: Buyers Trapped Within Reversal At $67

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