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The price of Avalanche ($AVAX) has continued its uptrend and recovered above the 21-day SMA support.
Long-term analysis of the Avalanche price: bullish
The price trend has consistently held above the 21-day SMA and below the $55 resistance level. In other words, the altcoin is trading above the $40 support and below the $55 resistance level.
Yesterday, the price of the cryptocurrency is oscillating below the resistance level after failing to break the recent high. If the bulls break above the current barrier, $AVAX will return to its previous high of $65. If the altcoin loses the 21-day SMA, its value will also decline. $AVAX will fall above the 50-day SMA or the low of $37. At the time of writing, the altcoin is trading at $52.
Analysis of the Avalanche indicator
The cryptocurrency has been declining, although the moving average lines continue to trend north. On December 9, a bearish candlestick broke through the 21-day SMA. However, the bulls bought the dips, prompting the altcoin to continue its uptrend. On the 4-hour chart, the price bars are above the horizontal moving averages.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
On the 4-hour chart, $AVAX is trading between the $0.40 support and the $0.55 resistance. The altcoin has risen above the moving average lines but remains below the $55 level. Doji candlesticks are dominating the price action and slowing it down.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.