AVAX Technical Analysis: Reversal Opportunity At The Last Stand Of $30

AVAX prices cling to the last stand at $30 which increases the possibility of a double bottom pattern formation. Should you consider going long? Key technical points: AVAX prices have fallen 12.98% in the last 24 hours. The MACD indicator shows a high possibility of a bullish crossover. The 24-hour trading volume of Avalanche is $707 Million, reflecting a rise of 7%. Past Performance of AVAX AVAX prices mimic the overall price action observed in the crypto market as the selling pressure grows drastically. The downfall depreciates the native token value by 70% in the last six weeks resulting in the $50 breakout. Moreover, the bullish failure to surpass the $37 mark results in a fall to $28 and prepares to break the low of $30. Source-Tradingview AVAX Technical Analysis AVAX price represents a falling trend in the trading volume as the bearish retracement shits the support level. This increases the chances of a double bottom formation and provides a bullish reversal opportunity. The crucial daily EMAs – 50, 100, and 200-days maintain a falling trend and achieve bearish alignment with the recent bearish crossover of 100 and 200 EMA. Coming to the momentum indicators, the RSI values continue to decline and take a dip into the oversold area, before retesting the 14-day SMA which serves as a dynamic resistance. Moreover, the RSI slope projects a bullish divergence in the last two dips increasing the chances of a trend reversal. The ...