AVAX Technical Analysis: Bearish Continuation Soon to Reach $50

The AVAX coin price shows a bearish continuation after the 200-day EMA fallout retest. Will the falling prices halt near $50? Avalanche is the most efficient smart contract platform in the blockchain market in terms of time-to-finality. Avalanche is extremely quick, cost-effective, and environmentally friendly. Any application that is smart contract-enabled can beat its competitors by using Avalanche. AVAX is the primary token of Avalanche. It is a highly-capped, rare asset that is used to pay charges, protect the platform with staking and serve as a base account for the various subnets that are created on Avalanche. Let us move ahead to read about Avalanche technical analysis. Past Performance of AVAX The AVAX coin price retests the breakdown of a descending triangle in the daily chart after finding demand near the $60 mark. However, the coin price reverses from the 200-day EMA close to $72. The prices fall up to 10% in the past two days resulting in the bearish engulfing candlesticks. AVAX/USD Daily Chart AVAX Technical Analysis The AVAX coin price faces a downfall of 40% in the past two weeks as it retraces from the 200-day EMA. Moreover, the increased trend momentum might shortly break below the $50 mark. The crucial Exponential Moving averages show a bearish crossover of the 50 and 100-day averages in the daily chart. Moreover, the price retests the fallout of the 200-day EMA as it shows a bearish continuation. The Moment...