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The price of Avalanche (AVAX) is declining and returning to its downtrend. Price analysis by Coinidol.com.
Avalanche price long term analysis: bearish
Buyers have held the price above the moving average lines three times but failed to sustain the upside momentum above the $30 resistance. Today, AVAX has fallen to a low above the $22 level as the bulls bought the dips. The upside correction will begin if the current support holds. The altcoin will rise and retest and break the moving average lines.
The altcoin will continue an uptrend above the moving averages if buyers are successful. The value of the cryptocurrency will be tested against its previous high of $30. AVAX will fall and continue to fall until it reaches a low above $20 when it turns away from the moving average lines. The current value of the altcoin is $21 at the time of this writing.
Analysing the Avalanche indicator
The price bars are located below the moving average lines and at the bottom of the chart. As AVAX continues to decline, the moving average lines are forming a bearish crossover. Price action is modest, with doji candlesticks dominating the price action.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
On the 4-hour chart, AVAX has fallen further and faces a rejection at the $27 level. On the downside, the altcoin is expected to hit a low of $20. However, if the current support holds, the uptrend will continue. However, trading in the altcoin remains limited due to the doji candlesticks.
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.