The epicenter of the stablecoin quake was on Terralabs' LUNA and UST, but some other projects like Avalanche were not immune to collateral effects. Learn why AVAX plunged 14% on May 18th.
Technical analysis projects further downside for AVAXFrom a technical perspective, AVAX's price could fall by another 40% in May as it breaks out of its prevailing bearish continuation setup.
Dubbed"bear pennant," the pattern appears when the price consolidates inside a range—defined by a falling upper trendline and a rising lower trendline—after a strong move downward. It resolves after the price breaks below the lower trendline and, as a rule of technical analysis, falls by as much as the flagpole of the previous downtrend.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com.
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