AVAX, the native token of Avalanche blockchain network, has now lost almost 90% of its November 21, 2021 all-time high price of $144.96.<\/p>\n
AVAX was severely affected by buying pressure over the last two months
\nThe altcoin declined by almost half over the last 60 days
\nResistance range targeted by AVAX is between $18.3 and $18.5<\/p>\n
According to tracking from Coingecko<\/a>, at press time, the cryptocurrency is trading at $15.07 and is seeing red in every zone of its price monitoring chart.<\/p>\n In its intraday performance, the altcoin is down by 1.3% and has declined by 3.9% over the last seven days. AVAX has also decreased by 11.7% for the past 14 days and nearly half in the last two months.\u00a0<\/p>\n While there appears to be a breakout rally for the digital coin, there\u2019s also the possibility that its price will once again plummet.<\/p>\n It will all depend on how well the digital asset will handle a crucial resistance point that will determine whether it will go up or down over the next few days.<\/p>\n AVAX Tries To Recuperate From Fall<\/p>\n In just two months, Avalanche\u2019s native token experienced a steep fall, declining by 49% as the asset was pummeled by excessive buying pressure.<\/p>\n Source: TradingView<\/a><\/p>\n AVAX showed extreme volatility for the past two days that resulted into the formation of a falling wedge pattern on its trading chart.<\/p>\n Given that, the crypto must close above the trendline<\/a> in order for buyers to be able to test a narrow resistance range between $18.3 and $18.5. If that happens, the 20 EMA will confirm a bullish movement for AVAX.<\/p>\n Meanwhile, the Relative Strength Index (RSI) of the crypto was able to reverse its position from being oversold which should help in pushing prices to higher levels.<\/p>\n However, if the opposite happens, sellers will benefit from the collapse and will be successful in putting the digital coin in the significantly lowered support of $12.6.<\/p>\n A Further Decline On The Horizon For AVAX?<\/p>\n Over the next five days, according to prediction made by Coincodex<\/a>, AVAX will push its price to $15.30. This level of gain, however, is nothing compared to the price dump that likely awaits the asset.<\/p>\n AVAX will have to put its faith in the ability of bulls to conquer the ongoing trend of its price movement in order to mount a comeback from this looming steep decline.<\/p>\n The mission, however, is daunting, as they are expected to push beyond the $29 marker in order to put the altcoin at $50 which, sadly, is still almost three times lower than its all-time high.<\/p>\n AVAX market cap at $4.4 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n AVAX, the native token of Avalanche blockchain network, has now lost almost 90% of its November 21, 2021 all-time high price of $144.96.<\/p>\n AVAX was severely affected by buying pressure over the last two months According to tracking from Coingecko<\/a>, at press time, the cryptocurrency is trading at $15.07 and is seeing red in every zone of its price monitoring chart.<\/p>\n In its intraday performance, the altcoin is down by 1.3% and has declined by 3.9% over the last seven days. AVAX has also decreased by 11.7% for the past 14 days and nearly half in the last two months.\u00a0<\/p>\n While there appears to be a breakout rally for the digital coin, there\u2019s also the possibility that its price will once again plummet.<\/p>\n It will all depend on how well the digital asset will handle a crucial resistance point that will determine whether it will go up or down over the next few days.<\/p>\n AVAX Tries To Recuperate From Fall<\/p>\n In just two months, Avalanche\u2019s native token experienced a steep fall, declining by 49% as the asset was pummeled by excessive buying pressure.<\/p>\n Source: TradingView<\/a><\/p>\n AVAX showed extreme volatility for the past two days that resulted into the formation of a falling wedge pattern on its trading chart.<\/p>\n Given that, the crypto must close above the trendline<\/a> in order for buyers to be able to test a narrow resistance range between $18.3 and $18.5. If that happens, the 20 EMA will confirm a bullish movement for AVAX.<\/p>\n Meanwhile, the Relative Strength Index (RSI) of the crypto was able to reverse its position from being oversold which should help in pushing prices to higher levels.<\/p>\n However, if the opposite happens, sellers will benefit from the collapse and will be successful in putting the digital coin in the significantly lowered support of $12.6.<\/p>\n A Further Decline On The Horizon For AVAX?<\/p>\n
\nThe altcoin declined by almost half over the last 60 days
\nResistance range targeted by AVAX is between $18.3 and $18.5<\/p>\n