AVAX Technical Analysis: AVAX Prices Soon To Break $50

AVAX prices show a bull trap in action ready to trap the buyers, as the downtrend continuation prepares for a fall under $50. Key technical points: AVAX prices sustain above $7. The 50-and-200-day EMA hints at a potential death crossover. The 24-hour trading volume of Avalanche is $907 Million, marking a 12% rise. Past Performance of AVAX AVAX price is trading around the $61.2 mark and has an intraday increase of 4.2%. However, if the resistance trendline remains, the market price remains under the bearish influence. Therefore, the selling pressure accelerates to drop the market price below $67.6 and the $60 level of support, representing a loss of 25%. Source-Tradingview AVAX Technical Analysis The bull trap has kept the buyers in a state of fear, and forced liquidation will likely result in more sell orders coming into the market. The continued selling could push the AVAX price by 8-9% lower to the $53 flipping support level. However, the smaller volume indicates a weakening in this relief rally, and the price may reverse from the descending trendline. This could provide active opposition to coin price. As the downtrend gains momentum, the crucial daily EMAs project a death cross 50 and 200-day EMA. Furthermore, the price trading below the EMAs indicates an overall bearish sign. The RSI slope indicates an upwards trend in an almost overbought area, which indicates an upward trend affected by that 14-day SMA. Thus, the indica...