AVAX Technical Analysis: Higher Price Rejection Brings Sellers Back

The AVAX coin price fails to sustain above the 200-day EMA and faces higher price rejection, possibly driving the downfall to $50. AVAX is the primary token of Avalanche. The token is a hard-capped precious asset used to pay fees, safeguard the platform with staking and serve as a base account for the various subnets that are created on Avalanche. Avalanche is the most efficient smart contract platform in the blockchain market according to the time-to-finality. Avalanche is extremely quick, cost-effective, and environmentally friendly. Any application that is smart contract-enabled will be able to outperform competitors by making use of Avalanche. Let us move ahead to read about the Avalanche technical analysis. Past Performance of AVAX The AVAX coin price shows a decline of 15% in the 48 hours as it faces rejection near the $73 mark, slightly above the 200-day EMA. The downfall results in a long-wick candle-driven morning star pattern in the daily chart. Hence, the reversal pattern with higher price rejection indicates a solid pushback from the bearish powers. AVAX/USD Daily Chart AVAX Technical Analysis The AVAX coin price approaches the $60 mark with increasing selling pressure evident by the rising intraday trading volume. Therefore, the ongoing bearish trend can reach the next support level at $53. The crucial Exponential Moving Averages maintain a bullish alignment, but the falling slope of the 50 and 100-day EMA can sho...