|

Avalanche price mirrors last week's sell-off, hinting that bulls want cheaper prices

  • Avalanche price falls penny from Eiffel style during the final trading week of August.
  • AVAX price shows a massive uptick in volume amidst the downslide
  • Invalidation of the downtrend is a breach above $24.

Avalanche’s AVAX price shows significant sell pressure that investors should be aware of

AVAX price headed south

Avalanche price has lost support from the bulls during the final trading days in August. Since August 19, the AVAX price auctioned within a congestive barrier after declining 30% just days before. Now it appears the bears are back to wreaking havoc as a second bearish decline has ensued with extreme force behind it.

Avalanche’s AVAX price currently trades at $21.28. The Ethereum-based gaming token shows a massive uptick in bearish presence on the Volume Profile Indicator. Furthermore, Friday’s decline mirrors identical free-fall technicals that occurred last week during the 30% rally.

tm/8/26/22

When combined, the AVAX price is likely to decline to lower targets. Key levels of interest are $20 and potentially $17. Nonetheless, markets are always subject to evolve and change course. The earliest invalidation of the downtrend thesis is a breach above $24. If the bulls can hurdle this level, they could prompt a rally towards the previous weekly high at $29, resulting in a 36% increase from the current AVAX price.

In the following video, our analysts deep-dive into Avalanche's price action, analyzing key levels of interest in the market - FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

XRP holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.