AVAX Drops After All-Time High, Consolidates Above $80

• AVAX has been decreasing since reaching its all time high
• The signal line and the histogram, both, are negative
• It is likely that AVAX trend is still bearish

Avalanche (AVAX) is in danger of falling under an urgent help level that has been set up since Nov 2021. This would show that the pattern is negative.

AVAX has been diminishing close by a sliding obstruction line since arriving at an unsurpassed exorbitant cost of $147 on Nov 21. Up until this point, the triangle has dismissed the symbolic threefold, most as of late on Jan 2.

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Notwithstanding the dismissal and ensuing reduction, AVAX has made a solid help level at the $80 flat help region, which recently went about as the unequaled high obstruction. 

Future development

When joined with the plunging opposition line, this would make a plummeting triangle, which is viewed as a negative example.

In any case, it is additionally conceivable that AVAX is following a rising help line (ran), which would make an even triangle. This is viewed as a nonpartisan example, so both a breakout and breakdown would be conceivable.

The chance of a descending development is likewise upheld by specialized marker readings, particularly the MACD.

The MACD is made by a short-and a drawn out moving normal (MA). At present, both the sign line and the histogram are negative. This implies that the momentary MA is slower than the drawn out one. It is a sign frequently connected with negative patterns.

The last time it happened was in Aug 2021 (green circle), when the AVAX cost was near $20. Moreover, the RSI, which is a force pointer, is under 50. This is likewise an indication of negative patterns.

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AVAX wave count

On the off chance that a breakdown comes to pass, the nearest support region would be at $62. This is the 0.618 Fib retracement support level.

Cryptographic money merchant @CryptoTony_ tweeted an AVAX graph, expressing that assuming the Jan 7 low holds, it is conceivable that the symbol will keep expanding towards another unsurpassed high.

Assuming that the rectification finished with the Jan 7 lows (red line), the following increment would be relied upon to be a five wave up development. In any case, the expansion has been a three wave structure (featured).

Accordingly, almost certainly, the AVAX pattern is as yet negative, and the symbolic will ultimately separate.