The price of Avalanche (AVAX) has been oscillating above the $16.00 mark since March 9.
Avalanche price long-term analysis: bearish
The uptrend has been held back by the moving average lines and resistance at $26. AVAX used to fluctuate between $16 and the $26 resistance level. Since the decline on June 5, AVAX has been above the $16 support but below the moving average lines.
Every time the current support at $16 is retested, the bulls will buy the dips. If the current support is broken, the cryptocurrency will fall to $14. AVAX is trading below the moving average lines but above the $16 support. The current value of AVAX is $17.66.
Avalanche price indicators analysis
The price bars are located at the bottom of the chart, below the moving average lines. A bearish signal is indicated when the 21-day SMA is below the 50-day SMA. The selling impulse has faded above the $16 support. The price action has remained stable due to the frequent use of doji candlesticks.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX’s price has already dropped to $15.62. The cryptocurrency is currently trading below the moving average lines, or the resistance at $18.50 and above the $15.50 support.
AVAX will resume its bullish trend if it breaks above the moving average lines and keeps up its upward momentum. AVAX will further drop to the bottom price of $8.63 if the existing support is broken.
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-continues-to-oscillate/