Avalanche Continues To Rise And Stabilizes Above $19

The price of Avalanche (AVAX) has fallen to its historic low of November 22, 2023. The altcoin dropped as low as $17.35 before recovering.

Avalanche price long-term analysis: bearish

The fall has reached bearish exhaustion with bulls buying the dips. As the altcoin corrects higher, selling pressure has stabilized above the $19 support.

On the downside, if the current support holds, the altcoin will trade in a range above the $19 level but below the moving average lines. If the current support is broken, the altcoin will fall even lower, possibly to $15. However, further declines in the cryptocurrency are unlikely. AVAX will resume its uptrend once it rises above the moving average lines or the $33 mark.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $30 and $20

Avalanche indicator analysis  

The moving average lines for the crypto assets are sloping downwards as they approach the oversold area. Price bars have reached bearish exhaustion with the altcoin remaining above the $19 support. Long candlesticks are pointing towards the $17 support. This means that there is strong buying pressure at the $17 support.

What is the next direction for Avalanche?

Avalanche has reached the oversold area of the market. The market is trading above the $17 support but below the moving average lines. Once the altcoin breaks above the moving averages, it will resume its uptrend. The rise will continue if the cryptocurrency is rejected at its recent high.

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.