The price of Avalanche (AVAX) has continued to rise after a recent downtrend. The bullish momentum peaked at $55 and started to falter below the recent high.
Long-term analysis of the Avalanche price: bullish
On March 18, buyers pushed the altcoin to a high of $55, but it was pushed back at that level. Today, AVAX was pushed back and was forced to fall below its previous high.
On the upside, if buyers break above the $55 resistance, the market could reach a high of $70. Conversely, if the altcoin falls from its recent high, it will return to its previous price range of $40 to $55. At the time of writing, AVAX is currently worth $51.
Analysis of the Avalanche indicator
On the daily chart, the price bars are fluctuating below the recent high but above the moving average lines. This indicates that the cryptocurrency is on its way up.
On the 4-hour chart, the price bars are between the moving average lines, suggesting that AVAX was forced to make a range-bound move while it was trapped.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for AVAX?
On the 4-hour chart, AVAX has started an uptrend but has since stalled below the $55 high. The cryptocurrency is trading in a narrow range above the $50 support but below the $55 resistance level. The price bars have been dominated by small, uncertain doji candles. The doji candle indicates that traders are undecided about their next move.
Coinidol.com reported on November 25, that AVAX has been trading in a range between $20 and $30 in the previous price action.
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-uncertain-next-move/