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Vikram
May 12, 2022
by Vikram

AVAX Technical Analysis: Will The Downfall Break Under $30?

AVAX
AVAX prices experience a sharp increase in selling pressure as the crypto market fails to find a reversal spot. Will the downfall halt at $30?

Key technical points:

  • The AVAX price has plunged 31% in the last 24 hours.

  • The price action experiences constant resistance from 20 EMA

  • The 24-hour trading volume of Avalanche is $2.24 Billion, indicating a 24% hike. 

    • Past Performance of AVAX

    The last candle's close lower than the $53.6 support accelerated the current downward trend that is taking place in AVAX prices. The price fall is a result of the depreciation of 35% as the market value hint at the possibility of a bearish break below the $30 mark.

    TradingView Chart

    AVAX Technical Analysis 

    The AVAX price dropped due to a resistance trendline keeping the ball in sellers' court and driving the market price under $40. From the breakout of the psychological mark of $50, the altcoin plunged to the horizontal support of $30. 

    EMAs- The most important EMAs give the short-sellers an extra edge, i.e., the price chart shows a bearish crossover between the 100 and 200 EMA. 

    MACD indicator- The increasing space between MACD and the signal line is a sign of aggressive selling taking place within the marketplace. In addition, the gradual increase in the histogram chart's red bar signals an increase in the momentum of bears.

    The RSI slope falling to the oversold zone signifies that the sellers have over-extended the downtrend.

    In short, the AVAX technical analysis forecasts a potential downtrend below the $30 level.

    Upcoming Trend

    So should AVAX buyers achieve a daily candle close above $38, traders should expect a slight rebound towards the $53.6 mark. However, in a highly likely circumstance, if sellers remain in charge and maintain a downtrend below the $30 mark, then the correction rally will grow and reach that $22 level.

    Support Levels: $30 and $22

    Resistance Levels: $40 and $53.6

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    AVAX Technical Analysis: Will The Downfall Break Under $30?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&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.