The entire crypto space is appearing to be pretty bullish at the moment wherein the Bitcoin price is attempted well to stay back above $39,000. However, the fresh plunge dragged the price to a large extent which extracted a large chunk of value. After smashing $70, the AVAX price quickly slid down to a large extent, dropping more than 6% at the press time. The selling volume is extremely high leaving no room for the buyers to prevent the price to slash towards lower levels.
The Avalanche price was maintaining a decent descending trend from the time it smashed its highs close to $150. The asset attempted and broke above the trend line a couple of times, but ended up sliding below the line recording a fakeout. Currently, the asset is trading much below the trend line and also displaying huge possibilities of testing the lower support close to $50.
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The analyst compared the AVAX price charts with multiple time frames like monthly, weekly and daily. And in each of the charts, the price is extremely bearish and displays a huge possibility of sliding down towards the lower support close to $50 before the end of the current month. Therefore closing the monthly and the quarterly trade on a huge bearish note, the AVAX price may lose the bullish grip to a large extent.
Currently, the Avalanche price is trending within the descending triangle and very close to the apex. Moreover, the present daily candle has formed a notable bearish hammer which is very scary as the lower support may be sliced through to test the lower support again. And continuing with a similar trend, the AVAX price may visit $50 yet again in the upcoming days in the week.
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Source: https://coinpedia.org/price-analysis/avalanche-avax-price-feared-to-undergo-a-25-plunge-to-hit-50/