Avalanche Returns To Its Range Above $16.00

The price of Avalanche (AVAX) has risen above the 21-day SMA and has continued its uptrend.

Avalanche price long-term analysis: bullish

The bullish momentum is expected to reach the 50-day SMA or the $20 high. If the buyers sustain the price above the 50-day SMA, AVAX will rise to a high of $26. Nevertheless, the altcoin may face rejection at its high of $20 due to the presence of doji candlesticks.

AVAX will fall and be caught between the moving average lines. If the downtrend breaks the 21-day SMA support, the altcoin will return to its current support of $16. If the current support is broken, the downside momentum will extend to $14. When the selling pressure returns, the altcoin will continue to trade between lower highs and lower lows.

AVAX price indicators analysis

AVAX is steadily rising and has breached the 21-day SMA barrier but remains below the 50-day SMA. The uptrend is steady due to the dominance of doji candlesticks. The 21-day and 50-day moving average lines are the points where the bullish momentum has currently stalled. On the 4-hour chart, the price bars are above the moving average lines, indicating a possible rise.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $30 and $20

What is the next move for AVAX?

AVAX is in an uptrend, although the rise is limited to a high of $20. Previously, the market had reached a high of $26. Today's upward movement has come to an end at a high of $19.

However, if AVAX retraces and remains above the moving average lines, the upward trend will continue. A breach below the moving average lines would render the bullish scenario worthless.

Coinidol.com reported that the price of Avalanche has been oscillating above the $16.00 mark since March 9. 

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.