The price of Avalanche (AVAX) continues to trade above the $19 support but below the $27 resistance.
Long-term analysis of the Avalanche price: bearish
In other words, the crypto asset is in a sideways movement after the downtrend above the $19 support faded. The current decline has eased after the bulls bought the dips at a low of $17.28.
However, the downtrend could resume if the bulls fail to sustain the uptrend above the moving average lines.
On the upside, buyers tried to resume the uptrend above the moving average lines but were rejected twice. AVAX has fallen below the moving averages and could fall further. If the current support level is breached, the altcoin will fall to the low of $17.28. The decline will continue once the previous low of $17.28 is broken. AVAX is currently worth $23.75.
Analysis of the Avalanche indicator
The price bars have remained above the $20 support level. However, the price of the cryptocurrency has fluctuated below and above the moving average lines.
On the daily chart, the price action has stalled above the moving average lines. The moving average lines show a horizontal pattern indicating a sideways movement.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
Considering the recent price indication, AVAX is at risk of further losses if it loses the current support at $19. Altcoins could fall below the $11 low of the $1.272 Fibonacci extension if the previous low at $17 is breached. In the meantime, AVAX remains capped and trades between $19 and $27.
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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Conclusion: In conclusion, the analysis of the Avalanche (AVAX) price suggests a bearish trend in the long term. As the crypto asset remains in a sideways movement, it faces the risk of further declines if key support levels are breached. Traders and investors should closely monitor the price action and technical indicators to make informed decisions. Remember, the cryptocurrency market is highly volatile, so always conduct thorough research before making any investment decisions. Stay informed with DeFi Daily News for the latest updates on trending news articles in the world of decentralized finance. Happy trading!
