Avalanche (AVAX) has fallen below the expected $20.76 level twice before rebounding.
Avalanche Price Long Term Analysis: Bearish
AVAX fell to as low as $15.00 on February 3 but ended the day above the $20 support. Today, the altcoin is moving above the current support after retesting it. Since February 3, the downtrend has cooled above the $20.00 support. It seems doubtful that the cryptocurrency will fall further.
However, if buyers defend the current support, AVAX will rebound and rise above the $20 support. The first barrier for the uptrend will be at $25.
On the upside, AVAX will start a sideways trend if it breaks down from the moving average lines.
Currently, the price of the cryptocurrency is fluctuating between the $20 support and below the moving average lines. AVAX is currently worth $21.
Analysis of the Avalanche Indicator
The $20 support is indicated by two elongated candle tails. There is buying pressure at the $20 mark as the altcoin is now in the oversold area of the market. It is conceivable that buyers will emerge to take AVAX back to its high.
Technical Indicators:
- Resistance Levels: $60 and $70
- Support Levels: $30 and $20
What Is the Next Direction for Avalanche?
The price of AVAX is falling as it finds support above the February 25 low at $20. The altcoin has corrected higher after testing the 4-hour chart support twice. After the upward correction was called off at the high of $25, the altcoin started to move within a range. It is currently trading 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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