![Avalanche [AVAX] tries to snowball past range highs, but is it a false breakout](https://i.headtopics.com/images/2023/4/8/cryptoamb/avalanche-avax-tries-to-snowball-past-range-highs--avalanche-avax-tries-to-snowball-past-range-highs--1644770838095306753.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Momentum remained neutral despite proximity to the range highs. Avalanche sellers appeared to have the upper hand. Avalanche [AVAX] appeared to break out past the $18 resistance on the price charts on 5 April, […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Avalanche sellers appeared to have the upper hand.
appeared to break out past the $18 resistance on the price charts on 5 April, but the sellers were able to stall for a time. The same maneuver was repeated on 6 April, with the same result.Technical analysis showed that although the market structure was bullish, neither buyers nor sellers had an upper hand at the time of writing. This could change after 10 April’s high and low are established.Since 16 March, Avalanche has traded within a range that extended from $15.45 to $18.
However, this was not reflected particularly well on the indicators. The RSI slumped from 70 to 49 over the past two days as Avalanche fell from $18.25 to $17.65. Moreover, on even lower timeframes, such as one-hour, AVAX formed a lower low. This could see a slow descent toward $16.5, especially if
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