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Avalanche (AVAX) reached its price target of $30.90 on September 17.
Long-term analysis of the Avalanche price: bullish
Buyers have not been able to sustain the positive momentum above the recent high. Since July 1, buyers have made four unsuccessful attempts to keep the price above $30. Each time, AVAX falls and stays below the moving average lines.
Today, the altcoin has retreated and is now finding support above $27 or the moving average lines. The selling pressure could return if the bears break below the moving average lines. AVAX will fall and return to its previous low of $21.
On the upside, the cryptocurrency will regain its bullish momentum if it breaks above the $30 resistance. At the time of writing, the altcoin is trading at $28.16.
Analysis of the Avalanche indicator
The price bars are still above the moving average lines after the previous rejection. The decline has continued above the moving average lines, indicating a continued upward movement of the cryptocurrency. If the bears break the moving averages, the cryptocurrency will fall below them.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
The 4-hour chart shows AVAX falling below the moving average lines. The cryptocurrency value is expected to fall further as it is rejected at the moving average lines. The price of the altcoin has dropped to a range of $20 to $28. The crypto signal is range-bound as it has fallen within the range-bound levels.
Coinidol.com reported on September 22 that AVAX can rise to $45 if buyers break above the $28 resistance and moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.