Avalanche: 2nd Rejection Below MA200
2024-10-17

Hello my dear friend, here we have an update for one of the greatest Cryptocurrency projects in the market, Avalanche (AVAXUSDT).

On the chart, AVAXUSDT is trading within a bearish flag consolidating below MA200. This level, MA200, is the main resistance and a reversal is happening right below it.

We can see that the trading volume continues to be average on a daily basis, meaning that there is no change to the current trend and price dynamics.

The main move is a decline that started in March and this decline continues to be the main market bias. The pair is pointing toward a continuation of this move.


➖  Conditions for change 

If AVAXUSDT can manage to move and close weekly above $30, the bullish perspective becomes active. Any trading below $30 and we continue bearish expecting one last and major drop.

If we get another drop, we go bullish based on oversold conditions.

If prices we go up, we go bullish based on price action and the removal of resistance.

As the chart is now, we remain bearish.

Thank you for reading.

Your support is appreciated.

Namaste.