Things are not looking up for $AVAX. Avalanche seems to be trapped in a “bear pennant” structure that could bring down the price by 65% in June.
) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a"bear pennant" structure., i.e., they resolve after the price breaks out of them to the downside and then—as a rule of technical analysis—falls by as much as the height of the previous downtrend, also called"flagpole."
AVAX is nearing a technical breakdown as its price moves toward the pennant's apex, i.e., the point where its upper and lower trendlines converge. This paints the bearish target for the AVAX/USD pair at $11.50 by June 2022, down about 65% from May 23's price, as shown below.AVAX price: key support levelsFor instance, the Avalanche token's volume profile shows itnear its point of control —the level where the traders were most active since 2021—around $32.
Interestingly, the level was instrumental in capping AVAX's downside attempts in the August–September 2021 session; it preceded a 390% bull run, which saw AVAX reaching itsThe POC level also served as a median during the consolidation trend witnessed between January 2021 and May 2021. Now, It holds as a price floor even as AVAX eyes the bear pennant breakdown, as discussed above.
Meanwhile, creating a Fibonacci retracement graph from AVAX's $2.75-swing low to $97.50-swing high shows AVAX consolidating between its 0.618 Fib line and 0.786 Fib line , as shown below.That raises Avalanche's possibility of retesting $23 as support, followed by a rebound move toward $40. Such a move would risk invalidating the bear pennant setup.
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