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AVAX Technical Analysis: Can EMA21 Offer You the Support You’re Looking For?

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AVAX, in the sixteenth place behind the leading cryptocurrency Bitcoin, continues to pull back with the sales in Bitcoin after retesting the 21.62 resistance level. Having diverged positively from Bitcoin for a few days, AVAX turned downwards while preparing to break the 200-day average when it failed to pass the $21.62 resistance. It is a matter of curiosity whether the EMA21 support level will work in Avalanche, which is stuck between the EMA5 and EMA21 averages. Starting at $20.31 yesterday, AVAX closed the day at $19.72, with a 3% decline after seeing the highest level of $20.73.

AVAX, which started today at $19.72, is trading at $19.44, with a decrease of 1.37% at the time of writing.

AVAX Chart Analysis
AVAX Technical Analysis: Can EMA21 Offer You the Support You're Looking For? 10

AVAX Chart Analysis

Things have turned around for Avalanche, which retested the 21.62 resistance level three days ago and broke above the EMA200 level of $20.23. Based on the selling pressure in Bitcoin for a few days, AVAX seems to have lost power with the incoming sales. In Avalanche, which goes below the $19.86 level, which is the EMA5 level, daily, the EMA5 level of 19.86, and the EMA200 $20.23 level are the resistance points. In case the possible pullback continues, the EMA21 at $19.41 and the horizontal support point at $18.73 are our closest support levels.

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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