Avalanche: AVAX might see new low after RSI spots bearish divergence
ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
AVAX has had a solid November so far. A new all-time high was set at $101.68, following a 70% increase over the last 15 days alone. On the chart, three major rallies were followed by timely corrections, allowing AVAX to maintain its upwards run. While the next targets lay at the 161.8% and 200% Fibonacci Extensions, a bearish divergence along the RSI exposed AVAX to a major drawdown.
If losses extend beyond the 38.2% Fibonacci level, AVAX could snap a fresh low at the bottom sloping trendline, indicating a further 20% market decline.
Source: AVAX/USD, TradingView
A 25% pickup over the last three days allowed AVAX
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