The price of Avalanche (AVAX) is falling to the bottom of the chart due to the rejection of the moving average lines.
Avalanche price long-term analysis: bearish
Since the 5th of June, the price of the altcoin has been above the $18 support and below the moving average lines. The moving average lines have repelled the upward correction. Buyers pushing the price above the moving average lines will take AVAX back to its previous high of $26.
However, the altcoin will fall back to its low of $15 if it falls below the $18 support. AVAX is trading at $21 at the time of writing.
AVAX price indicators analysis
The horizontal moving average lines are above the price bars. The price bars on the 4-hour chart are above the downward sloping moving average lines. As the price bars are rejected at the recent high, the cryptocurrency will continue to decline. Doji candlesticks are dominating the price activity.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX is trading at the bottom of the chart. The altcoin is currently in a trading range that lies above the support at $18.50 and below the resistance at $22.50.
The crypto price is retesting the $22.50 barrier to initiate a positive trend. However, the trend will continue if the altcoin falls back from its recent high.
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-falls-below-threshold/