Strongly bearish fundamentals act as tailwind to Avalanche’s technically bearish setup.
Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a “bear pennant” structure.Avalanche could get buried technicals Bear pennants are bearish continuation patterns, i.e., they resolve after the price breaks out of them to the downside and then—as a rule of technical analysis—falls by as much as the height of the previous downtrend, also called “flagpole.”AVAX is nearing a technical breakdown as its price moves toward the pennant’s apex, i.e., the point where its upper and lower trendlines converge. This paints the bearish target for the AVAX/USD pair at $11.50 by June 2022, down about 65% from today’s price, as shown below.AVAX/USD daily price chart featuring ‘bear pennant’ breakdown setup. Source: TradingViewAVAX price: key support levelsConversely, AVAX’s
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