The price of Avalanche (AVAX) has been trading sideways within a narrow range.
Avalanche price long-term analysis: ranging
After being rejected at $26, the altcoin has fallen back above the 21-day SMA support. For several months, the uptrend has been hampered by resistance at $26.
On the downside, selling pressure remains after the initial recovery above the 21-day SMA support. AVAX will fall below $21 if the bears break below the 21-day SMA support. If the 21-day SMA holds, the cryptocurrency will resume its uptrend. AVAX will lift or break through the $26 resistance level. If the overhead resistance is broken, AVAX will rise to a new high of $36. AVAX is currently trading at $23.
Analysing the Avalanche Indicator
The price bars have continued to move both below and above the moving average line. Currently, the price bars have pulled back above the 21-day SMA.
However, on the 4-hour chart, the price bars are below the moving average lines, indicating a downtrend. The dominance of the doji candles indicates hesitation on the part of the trader.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next direction for Avalanche?
The price of AVAX is in a sideways trend between the $16 support and the $26 barrier.
On the 4-hour chart (below), the altcoin is trading in a narrow range between $23 and $26, below the barrier. The long candlestick tails above the $23 support point indicate significant buying pressure at the current level. If the current support level holds, the altcoin’s uptrend will resume.
On August 10 AVAX was moving sideways between the $16 support and the $26 barrier, as CoinIdol.com reported.
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.
