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.
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.
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.
