The price of Avalanche (AVAX) has risen above the support level of $22 and has broken above the moving average lines and resistance at $30.
Avalanche price long-term analysis: bullish
The altcoin is predicted to reach a high of $40 if the positive momentum continues.
On the upside, AVAX will rise to a high of $60 once it breaks through the barrier at $40. However, if buyers fail to sustain the upside momentum above $30 or break the barrier at $40, AVAX will fall and return to its previous range. The altcoin will return to its price range of $20 to $30. The cryptocurrency had previously recovered from the bottom of the chart.
Analysis of the Avalanche indicator
Following the current price rise, the price bars have risen above the moving averages. The horizontal moving average lines are trending upwards, indicating an upward trend. Two candlestick wicks point to the current high, indicating strong selling pressure.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
On the 4-hour chart, AVAX is moving sideways after reaching resistance at $38. The altcoin is oscillating above the moving average lines but below the $38 resistance level.
Currently, the altcoin is falling near the moving average lines. The sideways movement will continue if the cryptocurrency remains above the moving average lines. Selling pressure will return if the price falls below the moving average lines.
On November 11, Coinidol.com reported that AVAX rose to a high of $33 and then stopped.
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. Readers should do their research before investing in funds.
Source: https://coinidol.com/avax-price-bounces/