Avalanche Price Remains In The Range But Tackles The $30 Level

The price of Avalanche (AVAX) is correcting upwards after recovering from its decline on August 5. Meanwhile, AVAX price has risen above the moving average lines four times, but buyers have not been able to keep up with the uptrend.

Long-term analysis of the Avalanche price: bullish

The price movement was hindered by the $30 resistance, causing the price to remain range-bound. The altcoin is currently fluctuating between the $20 support and below the $30 resistance. 

On the upside, AVAX will rise to a high of $40 if the $30 level is breached. 

On the downside, the altcoin has rallied above the current support of $20. Today, the altcoin is on the retreat as buyers struggle to keep the price above the moving average lines. It is currently worth $26.

Avalanche indicator analysis

The moving average lines are sloping upwards in anticipation of an upward correction. The price bars are caught in a range, fluctuating below and above the moving average lines. Doji candlesticks have limited the price fluctuation.

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 downtrend but has risen above the moving averages. The price of the cryptocurrency has retraced above the moving average lines and has resumed consolidation above them. The uptrend will continue if the 50-day support holds.

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.