AVAX Technical Analysis: Buyers Trapped Within Reversal At $67

AVAX prices fail to surpass the resistance level of $67 as sellers undermine the bullish week with a 12% overnight fall resulting in a bearish engulfing candle. Key technical points: AVAX market price approaches the $50 mark. The MACD indicator fails to give a bullish crossover. The 24-hour trading volume of Avalanche is $1.285 Billion, reflecting a hike of 57%. Past Performance of AVAX Failing to accept the power dynamic bullish trend shift shows an early reversal from the $67 mark. Unfortunately, the reversal comes with a boom in trading volume and accounts for a fall of 12% to create a bearish engulfing candlestick. Source-Tradingview AVAX Technical Analysis AVAX prices continue to fall and approach the next support level at $55 as the selling pressure refuses to fade away. Hence, traders can expect the downtrend to briefly breach $55 to test the psychological mark of $50. With the recent death cross, the chances of 100 and 200 EMAs giving a bearish crossover increases significantly. Hence, the EMAs are ready to achieve the bearish alignment in the daily chart. The MACD and the signal line fail to give a bullish crossover as the lines fail to merge due to the sudden bearish takeover. Hence, the lines maintain a downtrend to dive deeper into the negative territory with a minimum bearish spread. The daily RSI slope shows a sideways trend slightly above the oversold boundary after failing to sustain above the halfway mark. In ...