The latest price analysis by Coinidol.com report, Avalanche (AVAX) has failed to break above the $55 resistance level.
Long-term analysis of the Avalanche price: declining
The cryptocurrency was rejected twice as buyers tried to push the price above its previous high. Similarly, in another price action, AVAX reached a high of $60 before being pushed back. Today, the altcoin has slipped below the moving average lines and hit a low of $38. The altcoin’s decline could extend to the bottom of the chart as it trades in the downtrend zone. However, the slide will be halted if buyers push the price above the 50-day SMA. In the meantime, the bearish momentum will continue as the altcoin is trading in the downtrend zone. AVAX is currently worth $38.
Analysis of the Avalanche indicator
AVAX is declining and could fall further as the price bars are below the moving average lines. The moving average lines are still rising, indicating earlier activity, even though the price is currently falling. On the 4-hour chart, the price bars are below the moving average lines, indicating a downtrend. In addition, the moving average lines show a bearish crossover, with the 21-day SMA below the 50-day SMA.
Technical indicators:
Key resistance levels – $60 and $70
Key support levels – $30 and $20
What is the next direction for Avalanche?
On the 4-hour chart, AVAX has dropped significantly and is nearing the bottom. The bears have broken below the moving average lines, indicating a further decline for the cryptocurrency. On the downside, AVAX will test the previous low of $24. The crypto signal is negative with altcoin falling into the bearish trend zone.
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/avax-returns-its-24-low/