The Avalanche(AVAX) price fails to sustain above the $25 mark resulting in a fall to the $22 level. Will this downtrend crack under $20? Key technical points: The AVAX prices dropped by 8.24% in the last 24 hours. The falling prices retest the broken range’s resistance at $22. The 24-hour trading volume of Avalanche is $524 Million, indicating a gain of 15%. Past Performance of AVAX The recovery in the AVAX/USDT currency pair started after it reversed to the $13.79 lowest on 19 July. The rise has now reclaimed the $20 mark and, most recently, the $22.1 resistance. On July 22nd, the altcoin hit the highest level ever recorded at $26.1 and then reverted within minutes, displaying the long-wick rejection. Source- Tradingview AVAX Technical Analysis The current retracement may be due to profit booking by traders with short-term contracts, reducing AVAX prices by 15.3%. But, this retest phase, coupled with a decrease in volume, indicates that traders are more in long-term positions. In addition, the AVAX price is retesting the broken resistance of $22. This could be the catalyst to restart the rebound rally. The daily-RSI slope slid under the 14-day SMA. However, it is still above the midline, which suggests that the market is buoyant. Therefore, the momentum indicator supports the theory of recovery. Moreover, the MACD indicator showcases a sell signal with the bearish crossover of the fast and slow line. Hence, the momentum indic...
