Avalanche (AVAX) – Sellers are attempting to rekindle the medium-term negative bearing

Avalanche (AVAX) – Sellers are attempting to rekindle the medium-term negative bearing

Avalanche (AVAX) sellers are attempting to rekindle the medium-term negative bearing following a minor recovery, in association with the 40-day exponential moving average, which managed lately to neutralize the bullish pressures.

The 20- and 40-day exponential moving averages are negatively charged and the oscillators are suggesting that the negative impetus is ready to jump-start. The Stochastic %K line has fallen without a parachute from the overbought territory and slid below the %D line, before stabilizing just above the equilibrium level of 50 while the ROC is currently on the verge of nudging below the zero line.

Hence, sellers seem to be eying a retest of the previous daily bottom but will become more confident that the descent will gain more legs following a decisive move below that support hurdle at 11.44. In such a scenario, those are expected to target the 161.8% Fibonacci golden number of the last up-leg at 9.65. A more aggressive decline could last until the 261.8% Fibonacci extension level at 6.76.

On the other hand, if buyers re-emerge, they will immediately rechallenge the 40-day exponential moving average, residing near the 13^th of October bottom at 14.45. A move higher will initially test the 29^th of August bottom of 17.49, while further north the 5^th of November top at 20.60 will step under the radar.

All in all, Avalanche is surrounded by bearish vibes and a drop beneath 11.44 will open the gate for additional negative actions.