The price of Avalanche (AVAX) is trading at the bottom of the chart as it has touched the $15 support twice.
Avalanche price long-term analysis: bearish
According to the price projection, the altcoin has ended its decline above the $15.00 support. The crypto price has broken the moving average lines and recovered twice above the current support. AVAX has rallied today and is retesting the 21-day SMA.
On the daily chart, AVAX will rally to the highs of $26 and $28 if buyers push the price above the moving average lines and resistance at $24. On the weekly chart, the altcoin corrects upwards to the previous highs. AVAX will move higher if it breaks above the $20 resistance. AVAX is worth $19.11 at the time of writing.
Analysis of the Avalanche indicator
Both the 50-day and 21-day SMA have a horizontal slope. The moving average lines are above the price bars. A downtrend is indicated by the upward sloping moving average lines on the weekly chart, which are now trending downwards.The doji candlesticks have controlled the price movement.
Technical Indicators:
Major Resistance Levels – $60 and $70
Major Support Levels – $30 and $20
What is the next direction for Avalanche?
The price of AVAX is trying to return to a bullish trend as it approaches the oversold area of the market. The cryptocurrency asset has reached bearish exhaustion. Buyers are expected to emerge in the oversold area. The value of the altcoin is rising as it approaches the lower price area. The crypto signal is moving in range as it holds above the $15 support.
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.
