- Avalanche Crypto is looking sideways inside a narrow horizontal range.
- Buyers are managing a 20 day moving average breakout in the intraday trading session.
- Trading volume increased by 7.9% to $790.6 million.
Avalanche crypto has gone into a consolidation phase during a bearish trend. Since August, the price pattern of the AVAX coin exhibits a low-high and low-low trend in each time frame. Therefore, the market sellers recorded a 60-day low of $16.15 on September 18, 2022.
Against the USDT pair, the Avalanche crypto remains at the $17.3 mark at the time of writing. In the intraday trading session, the crypto looks sideways. Despite a sideways trend today, AVAX price remains within a narrow horizontal range of resistance from $16.15 to $18.6.
Due to the range-bound market, trading volume is decreasing down and reached $191.1 Million last night. Although, volume has increased 7.9% overnight. Buyers will have to struggle to overcome the range-bound market. Instead of an immediate bullish hurdle, bears have a key selling zone at $20.
The pair price of Avalanche crypto against the Bitcoin is looking neutral at 0.0005898 satoshis. Buyers may consolidate more in this horizontal range due to low liquidation. Despite the fact, Buyers are managing the 20 day moving average breakout in intraday trading session, in the content of daily price scale.
AVAX Again Trades Sideways After October Gain
The RSI indicator makes higher-lows above the oversold zone but still it is below the semi-line. Similarly, MACD is showing an increase towards the higher zone while remaining into the negative region over the daily price chart. Both indicators suggest a positive trend for Avalanche crypto.
Conclusion
The Avalanche crypto needs accumulation for bullish breakout. RSI and MACD shows little positivity in price but still range breakout yet to remain in AVAX coin. The daily price candles show extreme sideways momentum close to the 20 day moving average.
Resistance level- $18 and $21.5
Support level- $16 and $14
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/06/avalanche-crypto-struggle-in-narrow-range-bound-market-should-wait/