Avalanche bulls converted the $50-$55 region from resistance to support after great effort, but we could see a dip below $50 soon.
pulled back from $65.39 to $56.89 within the past 24 hours, a 12.9% drop. The long-term bias was bullish, but the price action showed we could seeSince the 12th of March, the RSI on the one-day timeframe of AVAX has formed lower highs while AVAX prices pushed higher. This was a bearish divergence.On the other hand, the OBV continued to trend higher alongside the price. This suggested that buying pressure has not slowed down, and any pullbacks would likely see a quick recovery.
prices trend lower in March, it would drag the crypto market further south. Hence, AVAX investors could wait for a dip below $50 to add to their holdings. The long-term uptrend is expected to remain intact, as a drop below $34.83 is required to flip the 1-day market structure bearishly. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.
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