AVAX Price Risks 25% Crash After Bearish Signal Confirmation
The post AVAX Price Risks 25% Crash After Bearish Signal Confirmation appeared on BitcoinEthereumNews.com.
After confirming a bearish signal, the AVAX price is teetering on the edge of a 25% decline. This development has sparked concerns among investors about the crypto asset’s near-term outlook. The confirmation of the bearish signal suggests that the downward trend could continue, potentially leading to a significant drop in the price of Avalanche. The price of AVAX is up 2.8% in the last 24 hours and is trading at $23.35. Nevertheless, a key technical analysis indicator has revealed Avalanche price is likely to go for further downside movement, potentially up to $17.5 Bearish Signal Confirms AVAX Price Crash Is Imminent The Fisher Transform Indicator helps highlight extreme price movements, which can signal potential price reversals. According to this indicator, AVAX price just turned super bearish, hinting at a potential crush to $17. Avalanche has been experiencing volatility in recent weeks. After a notable liquidity sweep around $34, the price faced a sharp rejection, leading to a current test of key support of around $24.80. This critical support level is being closely monitored by analysts and traders alike, as it could determine the next major move for AVAX. The bearish signal confirmation has heightened fears of a potential 25% crash, which would see the price plummet to around $17.5. This scenario is particularly concerning, given the broader market conditions and the recent performance of AVAX. The crypto asset has been oscillating around the $24 mark, struggling to break above key resistance levels. AVAX Technical Analysis Reveals Potential Bounce After Crash AVAX price forecast shows the asset is currently trading below its 200-day Simple Moving Average (SMA) of $26.81, which is a bearish indicator. Additionally, the Relative Strength Index (RSI) hovers around 37.54, close to the oversold region, suggesting weak bearish momentum. If the RSI drops below 30, it could signal…
Filed under: News - @ November 4, 2024 10:24 pm