Published March 4, 2023
AVAX Price Prediction: In February 2023, while the crypto market faced uncertainty and increasing bearishness, the Avalanche coin turned sideways and showed the formation of a double-top pattern. Under the influence of this pattern, the prices recently lost strong support of $17.5, indicating that coin holders are poised for a longer correction. Here’s how this bearish pattern may influence AVAX’s future price movement.
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Source- Tradingview
Over the last five days, the Avalanche coin price shows several failed attempts to surpass the $21.6 level. The coin reverted from this resistance indicating the sellers are aggressively defending this resistance level.
Thus, with increasing bearish sentiment in the market, the coin price used the $21.6 resistance as the top ceiling for the formation of a double-top pattern.
Also Read: Top Eco-Friendly Crypto Projects To Invest In 2023
The last reversal from the aforementioned resistance has tumbled the AVAX price 23.67% down to currently trade at $16.5. This downfall also provided a bearish breakdown from the $17.5 neckline support of the bearish pattern on March 3rd.
If the altcoin shows suitability below the $17.5 support, the sellers may pull the prices 12.5% down to hit the $14.4 support.
Fibonacci retracement levels: The coin price hovering above 0.5 FIB level encourages a bullish pullback to retest the breached support of $17.5 as potential resistance. This retest opportunity could offer a short-selling opportunity to interested traders.
RSI: The daily RSI slope diving deeper into bearish territory indicates the increasing selling pressure in the market.
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