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Crypto Update: AVAXUSD, are sellers planning a new bear raid?

Published: 24.05.2022
by Joseph Jeffriess

Today we’re looking at AVAXUSD as price remains in a solid-looking downtrend. We are watching a consolidation pattern that could be a descending triangle or a wedge type pattern in the existing trend.

The key for us is at 28 support. If sellers break this level, the continuation could be on, and we would like to see a new LL set to show normal pattern of trend. If buyers can continue to hold 28 and above, this could be a worry for short term seller momentum that was set with a break of yesterday’s low this morning.

This pattern is also seen on SOLUSD, and other coins in the top 10 remain range-bound.

It’s really up to sellers now if they want to take this trend lower.

The Daily AVAX chart is below and for more information on this idea please feel free to check out our market the video is listed below the chart.

AVAXUSD Market Update Video powered by TradingView

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