Avalanche [AVAX]: Is demand strong enough to reverse the downtrend - Aliens: AI Crypto News & Markets Updates
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Avalanche [AVAX]: Is demand strong enough to reverse the downtrend

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AMB Crypto

Sat, May 21, 2022

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Aliens TLDR

Long-term investors might look at the $25 support area and see a great opportunity to buy the asset, but it has to be remembered that sometimes it is better to buy strength than to buy weakness.

At that time, AVAX was in a strong uptrend, and broke past this level and straight to $56, before retesting the $40 area as demand.

The $24 and $40 areas of support and resistance had been established earlier, in February, and at the time of writing, these are the two areas that long-term investors of AVAX would need to watch out for.

Beneath the $20-$24 area, the next major long-term support lies at the $9-$12 area, which represents yet another 50% loss.

The Bollinger Bands width indicator has been climbing in recent weeks, in reflection of the strong move downward that AVAX saw.

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