The price of Avalanche (AVAX) fell between the moving average lines and broke the 21-day SMA support.
Avalanche price long-term analysis: ranging
Buyers tried to sustain the bullish momentum above the $26 level but were rebuffed twice. Had the buyers been successful, AVAX could have reached a high of $45. Today, AVAX is again trading in a range between $16 and $26, below the resistance level.
After its recent decline, the price of the cryptocurrency is now between the moving average lines. If the bears break the 50-day SMA support, the altcoin will fall back to $16. On the other hand, the altcoin’s uptrend will resume once it breaks the 21-day SMA. AVAX is currently trading at $21.24 and is trading above the 50-day SMA support.
AVAX price indicators analysis
The cryptocurrency price has returned between the moving average lines after the recent decline. The altcoin’s range starts between the moving average lines. The price bars are below the downward sloping moving average lines. Selling pressure has reached the point of bearish fatigue.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
The price of AVAX has returned to the $16 to $26 range. Buyers have once again failed to sustain the uptrend above the $26 resistance.
On the 4-hour chart below, the altcoin is correcting upwards after finding support above the $20.50 low. AVAX will resume its bullish momentum once it breaks above the moving average lines.
On July 21, as reported by Coinidol.com, the price of the cryptocurrency broke through the $26 mark, but then fell again.
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.
