Avalanche (AVAX) is facing resistance, downtrend is underway

Avalanche (AVAX), known for its transaction processing and scalability, is the focus of this analysis. We focus on the price forecast for AVAX for the coming period with an analysis from our premium environment.

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Technical analysis Avalanche (AVAX)

AVAX is showing some bearish signals that are alerting analysts at Crypto Insiders. They recently announced the following in the Premium environment:

“It appears that AVAX’s recent uptrend is no longer continuing. We have determined that the pattern, in this case an ABC Elliott wave pattern, has completed and we have encountered resistance at the 161.8% Fibonacci level.

This suggests that we now expect a significant decline. We expect this decline to occur in a 5-wave pattern. For now, we are turning our attention to the next dynamic support line, which appears to be around $32.

We expect a downward move towards this level, but it is still too early to say where exactly a price reversal will occur. We will continue to closely monitor AVAX’s situation and provide regular updates in the Premium environment.”

Date of analysis: February 21st. Link to trading view:

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