The price of Avalanche (AVAX) has risen above the moving average lines and has reached a high of $22.
Avalanche price long-term analysis: bullish
The upside momentum was expected to reach a high of $26 but was halted at the recent high. AVAX is falling towards the 50-day SMA support. The positive trend will resume if the price retraces and stays above the 50-day SMA.
The altcoin will rally and recover above its $26 high. A break above $26 will herald the continuation of the positive momentum. If the altcoin retraces and falls below the 50-day SMA support, it will return to its low price of $16. Today, AVAX stands at $20.65.
Analysis of the Avalanche indicator
The price of AVAX are above the moving average lines. The altcoin will continue to rise if buyers maintain their bullish momentum above the moving average lines. After the recent dip, the price bars on the 4-hour chart are now between the moving average lines, which means that AVAX will be forced to trade in a range for a few days.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX is currently trading in the bullish trend zone and remains above the $20 support. On the 4-hour chart, the uptrend will begin when the price breaks above the 21-day SMA barrier.
Currently, the altcoin is approaching the previous barrier of $22. If the altcoin fails to break the recent barrier, it will be forced to move lower.
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.
Source: https://coinidol.com/avalanche-bullish-above/