Avalanche dropped like a rock through the $50 support zone, highlighting intense selling pressure, and the short-term forecast was bearish.
Traders and investors could buy into new narratives. Alternatively, using technical analysis and finding narratives could also lead to steady profits. What, then, are the pitfalls AVAX bulls must be wary of?Based on the 1-day price action, AMBCrypto plotted two breaker blocks in cyan that represented demand zones.
Instead, the price fell below $46.5 briefly on the 3rd of April. It has not yet closed a 1-day or 12-hour candle below $46.5. The technical indicators showed a dire situation for the bulls. The RSI was at 35 to reflect firm bearish momentum. The CMF was at -0.18 to signal intense capital flow out of the market.The liquidation heatmap of the past three months highlighted the $50 area as a pivotal pocket of liquidity. When prices crashed beneath it, a liquidation cascade ensued that pushed prices further downward.
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