Avalanche Maintains Bullish Rise As It Slides Above $27

The price of Avalanche (AVAX) has resumed its positive trend and has risen above the moving average lines twice to reach a high of $30.90.

Avalanche price long term analysis: bullish

The positive momentum is expected to extend to a high of $33. The uptrend is halted by resistance at $30. AVAX is in a downtrend after being rejected twice at its recent high. The altcoin is falling towards the 21-day SMA of the $27.50 low.

On the downside, the cryptocurrency will resume its uptrend if it finds support above the 21-day SMA. However, the downside momentum will continue if it falls below the 21-day SMA. The altcoin will drop to a low above the 50-day SMA or the $25.50 low. Meanwhile, the altcoin is hovering just above the moving averages. AVAX is currently worth $28.37.

Analysis of the Avalanche price indicators

After a recent rise, the cryptocurrency's price bars are now above the moving average lines. The altcoin will rise if the price holds above the moving average lines. Selling pressure will set in if the price falls below the moving average lines. The moving average lines are sloping north, indicating an uptrend.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What is the next direction for Avalanche?

On the 4-hour chart, AVAX is in a sideways trend and trading below the barrier at $30. The altcoin was repelled twice as it moved between the moving average lines. The altcoin will start a trend when the moving average lines are broken. Currently, the price of the cryptocurrency is in the middle of the moving averages.

On October 9, Coinidol.com reported that the price of Avalanche (AVAX) has been on the rise since its low of $17.35.  

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.