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AVAX Technical Analysis: A Bearish Avalanche Breaks The Triangle

AVAX Technical Analysis: A Bearish Avalanche Breaks The Triangle


Cryptoknowmics
2022-02-22 10:04:23
AVAX Technical Analysis: A Bearish Avalanche Breaks The Triangle

AVAX Technical Analysis: A Bearish Avalanche Breaks The Triangle The sudden bearish reversal breaks the triangle pattern resulting in a downfall below the $70 mark. Will the AVAX coin price recover before reaching the $50 mark? The AVAX coin price fails to sustain above the short-coming support trendline resulting in the triangle pattern fallout. Hence, the bullish reversal fails, and a bearish continuation aims to test $50. Taking a defensive position, will the bulls recover before the downfall breaks below $50? Key technical points: AVAX coin price action gives a triangle pattern fallout. The MACD indicator shows a bearish crossover. The 24-hour trading volume in the Avalanche token is $1.71 Billion, indicating a 60% rise. Past Performance of AVAX AVAX coin price action shows a triangle pattern breakout as the support trendline failed to undermine the bearish influence of the resistance trendline. This possibility was mentioned in our previous article. The downfall cracks below the 200-day EMA like a hot knife through butter. Currently, at $69.20, the Avalanche token may shortly continue the downfall to reach the $50 mark. Source-Tradingview AVAX Technical Analysis The AVAX coin price shows the fallout trend continuation below the triangle pattern in the daily chart. Moreover, the 15% downfall in the past 24 hours indicates a boom in selling pressure. The crucial 50 and 100-day EMAs are merged in the daily AVAX/USD chart, bu...

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