AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data

AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern. AVAX intraday trading volume indicates a 38.7% plunge Avalanche sellers successfully reclaimes the 20-day EMA slope Trading volume skyrockets to 487 million Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto’s recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance. With the reversal of the V-top formation seen at the key resistance level of $30.6, the AVAX coin price dropped to $18.4 of the Fibonacci retracement level. It is however beneficial for buyers who were able to position right at this level prompting a 25% spike to $22.53. On the other hand, the massive selloff happening in the crypto market hinders the recovery of AVAX price and threatens a further downtrend. The selloff that happened on September 13 has sloughed off the possibility of completing the pattern. Evidently, the downtrend that took place yesterday was triggered by the high CPI or Consumer Price Index data. Related Reading: Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price? AVAX Low Volume Hints At Bulls’ Weakness According to CoinMarketCap, AVAX’s price is down by 1.51% or trading at $18.84 as of this writing. The low volume seen with AVAX implies the bull’s waning commitment or weakness. I...