The price of Avalanche (AVAX) had dropped to the bottom of the chart but has recovered.
Long-term analysis of the Avalanche price: bearish
The altcoin fell below its previous low price of $22.38 to a low of $15. The altcoin has risen above the $22 support today.
While the price bounces off the bottom of the chart, AVAX tries to correct upwards. The altcoin’s uptrend resumed above the $22 mark on November 44, 2024. The trend will resume if the moving average lines are broken to the upside.Â
On the other hand, the altcoin will drop to $15.00 if it falls below the $22 support.
Avalanche indicator analysis
The altcoin fell to the bottom of the chart on February 3 and then started to rise again. The strong buying pressure near the $15 low is evident from the extended candlestick tail. The chart’s moving average lines have dropped dramatically to the downside. Doji candlesticks, which limit price movement, are a characteristic feature of price action.
Technical Indicators:Â
Key Resistance Levels – $60 and $70Â
Key Support Levels – $30 and $20Â
What is the next direction for Avalanche?
On the 4-hour chart, the AVAX price is currently trading sideways above the $22 support but below the moving average lines. The 21-day SM A is preventing the upward movement. The altcoin will initiate an uptrend if it breaks above the 21-day SMA. AVAX will continue to trade sideways if it is rejected at the 21-day SMA.
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.
