Avalanche Price Slips To $12

The price of Avalanche (AVAX) has returned to the downtrend zone after being rejected at the $33 high. Had the $3 barrier been breached, the cryptocurrency would have risen to $41.

Avalanche price long-term analysis: bearish

However, the bears have the upper hand as they are pushing the altcoin below the moving average lines. On July 25, the altcoin fell below the moving average lines, but the bulls bought the dips. Today, the upside correction has been rejected as the cryptocurrency continues its downtrend.

On the downside, the decline will continue to the previous low of $26. However, if the $26 support is broken, the market will extend to $22.21. At the time of writing, the altcoin is trading at $27.

Analysis of the Avalanche indicator

The price bars have fallen below the moving average lines twice. This will force the cryptocurrency to continue its downtrend. Doji candlesticks dominate the price action, keeping the altcoin within its range.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $30 and $20

What is the next direction for Avalanche?

Avalanche is slipping below the moving average lines. On the 4-hour chart, the altcoin has been trading in a range since the price drop on July 25. It is trading above the support level of $26 but below the 21-21 day moving average. AVAX will continue to trend until the support and resistance levels are broken.

On the previous week the uptrend was meeting resistance at the $29 high. The altcoin was trading sideways between the $25 and $28 price levels, as reported by Coinidol.com.  

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.