Selling pressure on Avalanche (AVAX) has eased at the bottom of the chart.
Avalanche price long-term analysis: bearish
The cryptocurrency is gaining ground after falling to $17.80. The bears attempted to break the previous low of $15 before the cryptocurrency finally climbed back up. The $20 resistance zone is the first barrier to bullish momentum. If the first barrier is breached, the altcoin will rise to $25.
AVAX will then rise until it reaches the moving average lines.Â
Avalanche indicator analysis Â
The uptrend will resume on a break above the moving average lines. AVAX is currently struggling to break through the $20 resistance level. At the time of writing, AVAX is trading at $18.94.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
The moving average lines on the weekly chart are horizontal despite the decline to the downside. On the 4-hour chart, the crypto price is between the moving average lines, indicating a fluctuating crypto movement. On the 4-hour chart, the altcoin is currently trapped in a range.
Last week Coinidol.com reported that Avalanche price fell to as low as $15.00 on February 3, but ended the day above the $20 support. Â
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. Â
