After a brief retracement, Avax resumed bearish and continued to program indications of weakpoint. While the volatility appears low this week, it is mostlikely to resume pressure as quickly as the selling volume boosts.
Avax’s general market outlook is still highly bearish on the regularmonthly scale as it continued to keep a lower low and lower high pattern.
As seen on the everyday chart, this pattern is well recorded in a comingdown channel with no indication of turnaround at the time of composing. However, market belief may modification quickly as the cost gradually nears an oversold zone.
Following the last retracement stage that ended after screening the upper border of a four-month channel in late August, it started drops and continued to program indications of weakpoint on the everyday chart. Things have slowed down a bit this week due to a diminish in the trading volatility.
It appears to be event momentum at the minute. An growth of this drop might plunge the rate to the lower limit of the channel, where another retracement is mostlikely to take position. Holding above the previous regularmonthly low might trigger a rebound with a double-bottom development.
If that comes into play, we can preparefor a channel separation capable of reversing the pattern. For now, Avax appears weak while choosing on the next significant drop.
Avax’s Key Level To Watch
The $20.5 leve