Avalanche price braces for devastating decline as bears aim for pain at $12.50
- AVAX price is showing severely bearish signals on the volume profile indicator.
- Avalanche price printed the largest bearish engulfing candle in the trend.
- Invalidation of the bearish thesis is a breach at $56.
Avalanche price could set up an explosive move lower aiming for targets that most investors would consider impossible.
Avalanche price is severely removed
Avalanche price is showing reason to consider a large macro selloff underway. The AVAX price is currently trading at $30, which is the settlement price for the initial sale on May 9. The bulls printed no price action of bullish significance a week after the decline.
The avalanche price also shows a future landslide in the charts on the volume profile indicator. The classic ramp pattern was finalized with a huge spike in bearish volume. If market conditions persist, this signal could project AVAX price to $12.50. Finally, the May 9 selloff is now the largest bearish candle in the downtrend, further confusing the idea of future losses for Avalanche investors.
AVAX/USDT 4-Day Chart
The invalidation of the bearish idea is a breach above $56. If the bulls exceed this level, then consider this thesis incorrect. The bulls could then target $100, which would result in a 250% increase from the current AVAX price.
