<strong><em>AVAX prices fall drastically this year and crack under $20, reflecting a massive supply <a href="https://www.cryptoknowmics.com/glossary#dump">dump</a> warning a dip to the $10 mark.</em></strong>

<strong><em>Key technical points:</em></strong>
<ul>
 	<li>The market price has increased 14.34% over the past 24 hours.</li>
 	<li>The price action shows a bull cycling gaining momentum within the falling channel.</li>
 	<li>The 24-hour trading volume of Avalanche is $1 Billion, indicating a hike of 36%.</li>
</ul>
<h2><strong>Past Performance of AVAX</strong></h2>
<a href="https://www.cryptoknowmics.com/news/avax-technical-analysis-double-bottom-reversal-plans-30-jump/">AVAX</a> prices show a massive fall in the market value over the past few months, reflecting a strong bearish grip over the trend. The freefalling prices form a descending channel pattern after the fallout of $30 in the daily chart. The bearish channel accounts for depreciation of almost 60% to reach the $15 mark. However, the buyers resurface at the confluence of the support trendline and the $15 demand zone resulting in a lower price rejection.

<img src="https://s3.tradingview.com/snapshots/c/cdOyHYeh.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/cdOyHYeh/" target="_blank" rel="noopener">Tradingview</a>
<h2><strong>AVAX Technical Analysis </strong></h2>
The lower price rejection near the support confluence drives the AVAX prices 15% higher and forms a morning star pattern. However, the recent daily candle shows a bearish influence, cutting 2% of market value and eyes to undermine the reversal pattern. The <b>daily-RSI</b> slope shows a reversal from the oversold zone but struggles to surpass the 14-day SMA line. Moreover, the bullish divergence is present in the falling channel, teasing a potential rise to beat the resistance trendline.

The <b>MACD indicator </b>displays the fast and slow lines regain the bullish alignment after the recent merger, avoiding a bearish crossover. Moreover, the bullish histograms resurfacing reflect a resurgence in buying pressure. Hence, the technical indicators reflect a growth in underlying bullishness, which supports the bullish reversal hypothesis of price action analysis. In a nutshell, the AVAX technical analysis displays the possibility of a bullish reversal challenging the resistance trendline.
<h2><strong>Upcoming Trend</strong></h2>
Suppose the buying pressure grows over the day to sabotage the bearish influence in the daily candle; we will have a bullish week ahead for AVAX. The bullish reversal can drive the market value higher by 15% higher to surpass the $20 mark.

<strong>Resistance Levels:</strong> $20 and $21.5

<strong>Support Levels:</strong> $15 and $12

AVAX Technical Analysis: Supply Dump Discounts AVAX Under $20

AVAX Technical Analysis shows prices falling drastically this year and crack under $20, reflecting a massive supply dump warning a dip to the $10 mark.

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: Supply Dump Discounts AVAX Under $20

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