Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
But with the seven-week trendline resistance curbing the buying rallies, the sellers have kept a check on the alt’s peaks. A robust close below the current pattern could propel a near-term drawdown in the coming days. At press time, AVAX traded at $20.02.AVAX shed more than 58% of its value and dived toward its ten-month low on 19 June. Since then, buyers have held on to the $15.95 grounds while provoking two up-channel recoveries over the last few weeks.
With the EMA ribbons looking north, the buyers controlled the immediate trend. However, the price action now approached its trendline resistance and the 200 EMA . So, a likely reversal from the $20-zone could cause a pullback.