The price of Avalanche (AVAX) has been on the rise since its low of $17.35. The upward correction has failed after reaching the first barrier at $30.00.
Long-term analysis of the Avalanche price: bearish
The price of Avalanche (AVAX) has been on the rise since its low of $17.35. The upward correction has failed after reaching the first barrier at $30.00.
Since July 1, buyers have failed to keep the price above the $0.30 resistance level.
Now, the price of the cryptocurrency has slipped between the moving average lines since its last high of $30.70. AVAX is trading above the 50-day SMA support but below the 21-day SMA resistance. In other words, the price of the altcoin is fluctuating between $24 and $28. The price movement is determined by the break of the moving averages.
Today the bulls are fighting to break through the 21-day SMA barrier. If the buyers succeed, the altcoin will rise to the next resistance at $30. The bullish momentum will continue to increase. However, the altcoin will fall to $21 and $19 if the 50-day SMA support is broken. Today, the value of AVAX stands at $26.47.
Analysis of the Avalanche indicators
The price of the altcoin is trapped between the moving average lines. The moving average lines are sloping upwards, indicating an upward correction. Moreover, the moving average lines show a bullish crossover when the 21-day SMA crosses above the 50-day SMA. The cryptocurrency could rise.
Technical Indicators:
Key resistance levels – $60 and $70
Key support levels – $30 and $20
What is the next direction for Avalanche?
On the 4-hour chart, AVAX is moving higher as it breaks above the moving average lines. The bullish momentum has stalled below the $28 high. The price of the cryptocurrency has pulled back above the $26 low and is fluctuating between these two levels. Currently, the altcoin is consolidating above the $26 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.
