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


Avalanche closes to key breakdown level, which could further sink AVAX prices by another 65%

Avalanche (AVAXAlthough ) rose 0.5% to $31 by May 23, AVAX prices remain trapped in a range that looks like a bear pennant structure.

Pennants for bears 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.”

Daily price chart with ‘bear pennant’ breakdown set. TradingView
AVAX/USD daily price chart featuring volume profile. TradingView
The weekly AVAX/USD price chart shows Fib resistance and support levels. TradingView
Daily price chart for AVAX/USD showing bullish divergence Source: Scott Melker/TradingView