The latest price analysis by Coinidol.com report, the price of Avalanche (AVAX) has fallen sharply and is now returning to the bottom of the chart.
Avalanche price long term analysis: bearish
On Dec. 4, AVAX rallied to a high of $55 but was rejected twice at that level. The upward correction was halted for the second time at the recent high. The altcoin fell below the moving average lines but found support above the $35 low. The historical price level from November 11 is $35. Selling pressure has eased and AVAX has stabilised above the $35 support. However, if the bears break the $35 support, the altcoin will drop to a low of $30. If the current support holds, AVAX will be forced to trade above $35. The altcoin will rise to break the $42 resistance level and the moving average lines. AVAX is currently worth $36.
Analysis of the Avalanche indicator
The 21-day SMA has crossed below the 50-day SMA, indicating that AVAX is vulnerable to a possible downside decline. The price bars have returned below their moving average lines after a recent decline, and the decline has stalled with the appearance of the doji candlesticks. Bearish momentum is waning as it approaches critical support levels.
Technical indicators:
Key resistance levels – $60 and $70
Key support levels – $30 and $20
What is the next direction for Avalanche?
After a recent decline, the price bars have returned below their moving average lines, but the decline is ending, as shown by the doji candlesticks. The bearish momentum is weakening as it approaches key support levels.
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.
