Avalanche Regains Positive Momentum But Remains At $28

The price of Avalanche (AVAX) corrected upwards after breaking above the moving average lines.

Long-term analysis of the Avalanche price: bullish

Since August 5, as reported by Coinidol.com, the negative trend has ended above the $17.35 support with bulls buying the dips. 

On the daily chart, buyers have held the price above the moving average lines twice but were rejected at the recent high. The bullish momentum is experiencing resistance near the $28 high. 

On the weekly chart, the price of the cryptocurrency is capped by the moving average lines and resistance at $28. AVAX will rise to $45 if buyers break above the $28 resistance and moving average lines. AVAX is currently worth $27.60.

Analysis of the Avalanche indicator

The daily chart shows AVAX price bars above the moving average lines. If the altcoin continues to trade above the moving average lines, an uptrend could develop. The positive momentum was short-lived due to resistance at $28. However, the slump ended above $17.35.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What is the next direction for Avalanche?

AVAX has regained its upward momentum with buyers holding the price above the moving average lines. According to the price indication, AVAX will decline but reverse at the 1.272 Fibonacci extension or $19.45. Based on the price activity, the altcoin has reversed and rallied to $28. If the altcoin breaks above the $28 mark, it will resume its uptrend.

On August 30 it was noted that AVAX had a bearish signal. The moving average lines were showing a bearish crossover, with the 21-day SMA falling below the 50-day.

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.