AVAX Technical Analysis: Trendline Breakout Warns A 20% Fall

AVAX coin price hinges at the $67 support level after breaking below the ascending support trendline. Is it too early to sell, or is a reversal in order? Key technical points: AVAX prices break below $70. The daily EMAs are ready for a death cross. The 24-hour trading volume of Avalanche is $574 Million, reflecting a hike of 22%. Past Performance of AVAX AVAX coin price fails to sustain above the support trendline after cracking under all the supporting EMAs. The downfall starts after facing rejection from the psychological barrier of $100, resulting in a deflation of 32% last month. However, the support level of $67 acts as a pitstop in the downfall, providing a launchpad for reversal. Source-Tradingview AVAX Technical Analysis The AVAX coin price forms a Doji candle at the $67 support level, providing chances for a reversal to retest the trendline breakout. Hence, traders must wait for closing below $67 to avoid getting trapped in a retest. Approaching a recent death cross, the falling trend of the crucial daily EMA influences high bearishness. Hence, the indicator projects a high possibility of a downtrend continuation. MACD Indicator: The MACD and signal lines maintain a diagonally bearish trend below the zero line. The MACD histograms support a bearish trend reflecting a high downtrend possibility. RSI Indicator: The RSI slope shows a gradual rise in the bearish powers as it approaches the oversold boundary under the 14-d...