The price of Avalanche (AVAX) has fallen to the bottom of the chart. Price analysis by Coinidol.com.
Avalanche price long-term analysis: bearish
AVAX has been trading above the $21.51 level since February 24. The bears are trying to break through the current support at $21.00. Should AVAX break through the $21 support, it would fall even lower to $15. The altcoin fell rapidly to $15 on February 3, but the bulls bought the dips. AVAX is falling back to the $15 level today.
On a positive scenario, the uptrend will resume once the 21-day SMA is breached. At the time of writing, AVAX is trading at $21.24.
Avalanche indicator analysis
The moving average lines, which have dropped significantly to the bottom of the chart, are above the price bars. The moving average lines on the 4-hour chart remain horizontal despite the decline. Furthermore, the altcoin is in a trading range as doji candlesticks control the price action.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX price broke below the 21-day SMA support and resumed selling pressure. After reaching a low of $21, the decline has stalled.
The altcoin will lose even more value if the current support is broken.
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.
