Published 1 day ago
AVAX Price Prediction: In February 2023, while the crypto market faced uncertainty and increasing bearishness, the Avalanche coin turned sideways and showed the formation of a double-top pattern. Under the influence of this pattern, the prices recently lost strong support of $17.5, indicating that coin holders are poised for a longer correction. Here’s how this bearish pattern may influence AVAX’s future price movement.
Key points:
- In theory, this bearish reversal pattern accentuated the exhausted bullish momentum as buyers failed to break above a certain resistance.
- The falling AVAX price nosedive below the crucial EMAs support(20, 50, 100, and 200)
- The intraday trading volume in Avalanche coin is $100.5 Million, indicating a 50.4% loss.
Source- Tradingview
Over the last five days, the Avalanche coin price shows several failed attempts to surpass the $21.6 level. The coin reverted from this resistance indicating the sellers are aggressively defending this resistance level.
Thus, with increasing bearish sentiment in the market, the coin price used the $21.6 resistance as the top ceiling for the formation of a double-top pattern.
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The last reversal from the aforementioned resistance has tumbled the AVAX price 23.67% down to currently trade at $16.5. This downfall also provided a bearish breakdown from the $17.5 neckline support of the bearish pattern on March 3rd.
If the altcoin shows suitability below the $17.5 support, the sellers may pull the prices 12.5% down to hit the $14.4 support.
Technical Indicators
Fibonacci retracement levels: The coin price hovering above 0.5 FIB level encourages a bullish pullback to retest the breached support of $17.5 as potential resistance. This retest opportunity could offer a short-selling opportunity to interested traders.
RSI: The daily RSI slope diving deeper into bearish territory indicates the increasing selling pressure in the market.
Avalanche Coin Price Intraday Levels-
- Spot rate: $16.5
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $17.5 and $19.1
- Support levels: $16.5 and $14.4
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/avax-price-prediction-avalanche-coin-poised-for-12-5-fall-as-bearish-pattern-reach-completion/