Why AVAX Coin Failed to Break 100-DMA Today? -

Avalanche Coins has broken the bearish trend over the past 24 hours.
The AVAX coin fell near the 100-day moving average on the daily price scale.
AVAX coin pair price with bitcoin pair is up 3.5% at 0.00114 Satoshis.

Avalanche coin had a positive breakout this week, with price movement indicating an 11.5% bullish gain so far. AVAX currency has begun to refuse bear orders again, despite the fact that it has been bullish for the last several days. Buyers are struggling to sustain the asset price in the higher zone after viewing the hammer candle on July 26.

Between mid-April and mid-May, the bears experienced a very fast fall in which purchasers looked to the 2022 lows at $13.7. For the bulls, this was a good leading indicator point. During the daily price scale, price activity signals a high-low pattern.

Despite the bullish trend, today buyers are under selling pressure. Avalanche Coins has broken the bearish trend over the past 24 hours. At the time of writing, the AVAX token was trading at the $26.4 mark during the retracement phase. Moreover, the price of AVAX coin pairing with Bitcoin pair is up by 3.5% at 0.00114 Satoshis.

Trading volume increased gradually in tandem with the upswing. As a result, the currency is trading well above 20 and 50 day moving averages on a regular basis. However, the bulls dropped close to the 100-day moving average during the midday trading session.

Buyers Failed to Keep up Price Above Near 100-DMA

On the daily price scale, the Parabolic SAR Indicator is watching below the current price of AVAX. Furthermore, the RSI indicator is showing bullish momentum for the asset.

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Conclusion

Avalanche Coin moved closer to the 100-day moving average on the daily price scale. However, there was a bullish breakout last night, if the bears fail to break the 100 DMA, they could see a downside correction.

Support level – $20 and $10

Resistance level – $30 and 40

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing