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This is where Avalanche could stabilize before the next hike
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AVAX finally broke out of a descending channel which lasted for nearly a month after September’s ATH. However, MACD’s bearish crossover and an overbought RSI signaled a premature end to AVAX’s price progression.
If so, expect AVAX to ease at a support zone between $61.7-$65.2, before gathering momentum for the next upcycle. At the time of writing, AVAX traded at $66.58, up by 2.6% over the last 24-hours.
Source: AVAX/USD, TradingView
Constant selling pressure chipped away at AVAX’s value after an ATH of nearly $80 was breached in September. A descending channel, characterized by lower highs and lower lows, dragged AVAX by 37% from an ATH to the lowest point of the pattern.
In turn, a steady response from $54.4 allowed bulls to mount a comeback
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