) was, however, made while the volume was going down . It is not a good sign for those that are bullish on AVAX in the short term!There is a cluster of support a little bit lower, between $73.40 and $79.80, and the 200 EMA, which is around $70.50 at the time of writing.
On this 4-hour chart, you see that AVAX made an ATH in November, and made a lower high on Dec. 1. Later that month, AVAX bulls tried to push the price past that high, but they failed. If AVAX can’t reclaim these levels, more downside should be expected. A reclaim of ~98-$100 would be bullish, at least in the short term.The native token of Avalanche, AVAX, had a lot of bullish momentum last year. However, AVAX is currently trending downwards.
The daily chart shows the same picture — and where the EMAs were supportive for months, they are now starting to act as resistance.
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