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The price of Avalanche (AVAX) is rebounding as it breaks above moving average lines.
On November 4, the altcoin fell below the moving average lines and returned to the bottom of the chart, as reported by Coinidol.com previously. However, the bulls bought the dips as the altcoin rallied above the moving average lines.
Avalanche price long-term analysis: bullish
AVAX rose to a high of $33 and then stopped. The price has remained below the recent high in anticipation of further upward movement. It will rise to the next resistance level of $40 once the current barrier is broken. The positive momentum will extend to the previous high of $65. Should the altcoin be rejected, it will fall and continue its sideways movement below the $33 resistance level while remaining above the moving averages.
Avalanche indicator analysis
After the recent price rise, the price bars have risen above the moving average lines. The sideways trend means that the moving average lines are horizontal. In the past, the price bars fluctuated below and above the moving average lines. Today, AVAX is rising as it remains above the moving average lines.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What Is the Next Direction for Avalanche?
The 4-hour chart shows that AVAX is in an uptrend but has stalled at the $33 high. On November 10, the candle has a long wick and a long tail. The candle wick at $33 indicates significant selling pressure.
On the other hand, the candlestick tail indicates strong buying pressure at the $30 level. In the meantime, the altcoin is trading below its previous high.
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.