The price of Avalanche (AVAX) has been fluctuating since the end of its downtrend on March 10.
Avalanche price long-term analysis: bearish
The altcoin is trading above the $15 support but below the $24 high. Twice, the downward momentum was halted as the altcoin resumed its range-bound movement. AVAX continues to be bearish as the price moves towards the bottom of the chart.
On the daily chart, AVAX will rise if buyers keep the price above the moving average lines and break above the barrier at $24.
On the upside, the market will peak at $28 if the buyers are successful. In the meantime, the price action has stalled above the $19 support.
On the daily chart, AVAX is also stuck between the moving average lines.
Avalanche indicator analysis
The crypto price is stuck between the moving average lines on the daily chart, suggesting that it will continue to move in a range. If the 21-day SMA on the daily chart is breached, AVAX will fall.
The strong buying pressure at the current support is illustrated by the long candlestick tail on the weekly chart pointing towards the $15 support.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What Is the Next Direction for Avalanche?
AVAX has fallen and is now trading at the expected level. AVAX has fallen above the projected price level based on price action, but has pulled back above the $20 support. The cryptocurrency’s current price range is below the $24 high and above the $15 support. The altcoin is now in the oversold area of the market.
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.
