Selling pressure on Avalanche (AVAX) has eased at the bottom of the chart.
Avalanche price long-term analysis: bearish
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.
Avalanche indicator analysis
Avalanche indicator analysis
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?
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.
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.
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