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AVAX Price Prediction: The ongoing recovery rally in the AVAX coin price took a major halt at the $18 resistance zone. Within a fortnight, the coin rechallenged the aforementioned resistances several times, but the result ended with a high price rejection attached to the daily candles. These rejection candles indicate the traders are aggressively selling at bullish rallies, increasing the likeliness of a downtrend resumption.
Key Points:
- A cluster of candles between $18 and $16 indicates indecisiveness among market participants.
- A bullish breakout from $18 will signal the continuation of the prior recovery rally.
- The intraday trading volume in Avalanche coin is $100.5 Million, indicating a 50.4% loss.
Source- Tradingview
Over the past six days, the AVAX price has turned sideways and wobbled between the $18 and $16 levels. This consolidation accentuates the current FUD surrounding market crypto, limiting growth potential in the majority of major cryptocurrencies. By the press time, the AVAX price trades at the $16.84 mark with an intraday gain of $0.42%.
If the ongoing uncertainty in the market continues, the AVAX price will prolong the range-bound movement, and the buyers will get an additional opportunity to challenge at $18. A daily candle closing above $18 will release the trapped bullish momentum and surge the price by 10% to hit $19.7.
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On a contrary note, a breakdown below $16 will increase the possibility of downtrend resumption and may plunge the prices to $15.4, followed by $14.
Technical Indicators
Bollinger band: the coin price wobbling between the midline and upper band of the Bollinger band indicator suggests the buyers have the upper hand to control future pride movement.
RSI: The daily RSI slope wavering near the midline indicates a neutral sentiment among market participants.
Avalanche Coin Price Intraday Levels-
- Spot rate: $16.5
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $17.5 and $19.1
- Support levels: $16.5 and $14.4
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/avax-price-prediction-increasing-supply-at-key-resistance-puts-avalanche-coin-on-15-downside-risk/