The price of Avalanche (AVAX) has halted its fall above the $15 support.
Avalanche price long-term analysis: bearish
The altcoin reached the current support after surpassing the expected price level based on the price action. The cryptocurrency is currently trading between the moving average lines and above the $15 support.
Since April 12, the barrier near $20 has hindered the rising moves, as reported by Coinidol.com. AVAX was rejected at its recent high today when it fell between the moving averages of the daily charts. The uptrend will kick in if buyers keep the price above the moving average lines. Bullish momentum will reach the highs between $24 and $28.AVAX is currently trading at $19.12.
Analysis of the Avalanche price indicator
The price of the cryptocurrency is between the moving average lines on the daily chart. Since the interruption of the downtrend, the altcoin has been in a sideways pattern. On the weekly chart, the price bars are below the moving average lines. Selling pressure has eased above the $15 support level.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
The upward correction in the price of AVAX is halted by the moving average lines. The price of the cryptocurrency is oscillating between the moving average lines. The doji candlesticks have restricted the price movement. The altcoin will trend upwards once it recovers and rises above the 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.
