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Cryptocurrency analysts of Coinidol.com report, the price of Avalanche ($AVAX) is falling below the moving average lines.
Long-term analysis of the Avalanche price: bearish
On January 28, the downtrend stopped above the $32 support level. The bulls bought the dips and the price corrected upwards. The uptrend has stalled at the 21-day SMA. If the upside momentum breaks above the moving average lines, $AVAX will test its previous high of $45. On the other hand, if the altcoin turns down from the 21-day SMA and falls below the $32 support, it will drop much further to $20. In the meantime, $AVAX is in a limited range.
Analysis of the Avalanche indicator
The price bars continue to move below the 21-day moving average line. The 4-hour chart shows that the price bars have risen above the moving average lines. However, the bullish momentum has stalled at the $36 high. Despite the upward correction, the moving average lines are moving downwards.
Technical indicators:
Key resistance levels – $60 and $70
Key support levels – $30 and $20
What is the next direction for Avalanche?
$AVAX's price is below the moving average lines and could fall further. On the daily chart, selling pressure will return after the altcoin was pushed back through the 21-day SMA. If the current support is broken, $AVAX will drop to the next support level of $20.
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.