🚨 Is AVAX Heading for a $20 Tumble? 🚨
Avalanche [AVAX] has recently shown significant movements in its market behavior, with its price dipping from the symmetrical wedge pattern. Will this move make the altcoin fall to $20?
AMBCrypto’s analysis showed that AVAX had exited a symmetrical triangle pattern, typically signaling a bearish trend. The setup suggests a possible downswing, with a target price of around $20.
Supporting this bearish outlook is the Cumulative Volume Delta (CVD), which has dropped sharply to -5.143M. The negative value shows a dominance of sell orders, reinforcing the ongoing downward momentum.
Additionally, the RSI remains below 50, indicating sustained bearish pressure and limited upward movement in the near term.
The Market Value to Realized Value (MVRV) ratio suggested that AVAX’s MVRV ratio had seen volatility of late, with notable peaks followed by corrections. A high MVRV ratio often implies overvaluation, where traders might sell to secure profits, leading to downward pressure.
Open Interest (OI) indicated a sharp decline in AVAX’s OI, showing a notable reduction in speculative activity. With OI dropping to 79.855M, traders appear to be closing positions, which often signals uncertainty or reduced confidence in price recovery.
Finally, the recent market behavior of AVAX suggests a bearish outlook, with a potential price target of $20 following the symmetrical triangle breakout. Negative CVD and RSI below 50 confirm sustained bearish momentum.
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2025-02-05 23:04