The price of Avalanche (AVAX) is moving sideways between the $16 support and the $26 barrier.
Avalanche price long-term analysis: ranging
The sideways trend has continued as buyers and sellers have failed to push the price above the respective levels. The 50-day SMA support halted the recent downtrend as sellers failed to push the price to the critical $16 support level. The bulls bought the dips as the altcoin rose above the 21-day SMA barrier. Positive momentum is likely to push the price to a high of $26.
However, the upper resistance of $26 has not been breached in recent months. AVAX will reach a high of $36 if the overhead resistance is overcome. The cryptocurrency will return to its trading range if it turns down from the overhead barrier. AVAX is currently worth $24.
Analysis of the Avalanche indicator
The price bars have returned above the horizontal moving average lines. The crypto price fluctuates below and above the moving average lines, which indicates a sideways trend. On the 4-hour chart, the price bars are above the upward moving average lines.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX is falling after hitting resistance at $24. The altcoin returns to its trading range after hitting resistance at $24. Buyers are expected to hold the price above the upper resistance of $26. The altcoin continues to trade between $16 and $26.
Meanwhile, AVAX is trading above the moving average lines, indicating a favourable trend.
Last week, buyers tried to sustain the bullish momentum above the $26 level but were rebuffed twice, as Coinidol.com wrote.
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.
