AVAX fell below its late December trading range of $11.59 – $11.85 but found solid support at $10.71. The transition into the new year formed a double bottom, which set the stage for a price recovery.
The press time price recovery may prove difficult as the Money Flow Index had reached overbought territory. This suggests that accumulation has peaked and distribution could be underway, which could trigger a price reversal. Therefore, AVAX could fall back to $11.59 or $11.45. Short sellers can sell high and buy back cheaper at these levels.
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