Avalanche nears key breakdown level that could sink AVAX price by another 65%

2022.05.23 16:41

Avalanche nears key breakdown level that could sink AVAX price by another 65%

Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a “bear pennant” structure.

Bear pennants are bearish continuation patterns, i.e., they resolve after the price breaks out of them to the downside and then—as a rule of technical analysis—falls by as much as the height of the previous downtrend, also called “flagpole.”

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