AVAX Technical Analysis: Bears OutGrows Triangle, Downfall To Touch $60

AVAX coin price experiences high selling pressure resulting in the bearish breakout of the symmetrical triangle pattern with the gaining downfall momentum. Key technical points: The coin price breaks below the $70 mark AVAX coin could retest the bearish breakout The 24-hour trading volume of Avalanche is $717 Million, marking a 30% rise. Past Performance of AVAX AVAX coin price has been influenced by the solid resistance trendline of the triangle pattern. And, with the rejection, the altcoin breaks below the symmetrical triangle pattern and the 200-day EMA as the selling pressure increases. The downfall gains momentum with the breakout of $70. Source-Tradingview AVAX Technical Analysis AVAX coin price fell below the $70 mark, and it may shortly reach the upcoming support level at $65. However, the increasing selling pressure evident by the jump in trading volume hints at a downtrend to $50. The falling 50-day EMA is on the verge of giving a bearish crossover with the 200-day EMA resulting in a death cross. It could significantly increase the bearish influence. Moreover, the recent fallout of the 200-day EMA demands a retest for a further downtrend continuation. RSI Indicator: The RSI slope and the 14-day SMA tanks the 50% line indicating a phenomenal rise in underlying bearishness. Moreover, the RSI slope continues the downtrend, and a fall below the support of 40% will generate a selling signal. MACD Indicator: The MACD and s...