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Thursday, May 26, 2022

🎓 AVAX coin is on the verge of a big crash… what are the next targets?

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It seems that most cryptocurrencies are seeing a big rally right now as the price of Bitcoin is trying to stay above $39,000.

After the Avalanche (AVAX) cryptocurrency price broke through the $70 level, it fell quite quickly, falling over 6%, due to very high trading volume that left no room for buyers to prevent the price from sliding towards lower levels.

AVAX price has been trending down since the time it broke the close of $150 and tried to break the trend line several times but ended up falling below the line.

The coin is currently trading well below the trend line and is also showing great potential to test lower support near $50.

All monthly, weekly and daily charts show a significant drop in price and present a high possibility of a drop towards the lower support level near $50 before the end of the current month.

Therefore, by closing monthly and quarterly trading on a significant bearish note, AVAX price may lose its bullish grip considerably.

AVAX price is currently inside the descending triangle and very close to the top, moreover, the daily chart showed a noticeable bearish hammer which is very scary as the lower support could be retested.

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