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Avalanche (AVAX): The bulls tried to push the price back above the uptrend line


14 Feb 2022

#Avalanche

Avalanche (AVAX) plummeted below the moving averages and the uptrend line on Feb. 20, suggesting that the higher levels continue to attract selling by the bears. The bulls tried to push the price back above the uptrend line on Feb. 2 but the long wick on the candlestick suggests that bears are defending the breakdown level. If the price breaks and sustains below $74.70, the AVAX/USDT pair could further slip to $65.

The RSI has dipped into the negative zone and the 20-day EMA ($82) has started to turn down, indicating that bears have the upper hand. This negative view will invalidate if the price rebounds off the current level and breaks above the downtrend line. That could result in a rally to the psychological level at $100.


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