Avalanche Stabilizes Above $22.50 As Traders Remain Uncertain

The price of Avalanche (AVAX) has held below the moving average lines but above the $22.50 support.

Avalanche price long-term analysis: bearish

AVAX has stabilized above the $22.50 support and remains marginal. On February 3, as reported by Coinidol.com, the altcoin fell to a low of $15 as bulls bought the dips. The cryptocurrency value has continued to move sideways above $22.50 for the past two weeks. The altcoin is currently trading at $22, its lowest price. 

However, since November 4, 2024, the bulls have protected the current $22 support level. However, if the $22 support is broken, the negative trend will return. The altcoin will fall back to the low of $15.00. The altcoin is rising today as it approaches the 21-day SMA. If AVAX breaks the 21-day SMA, the uptrend will resume. The 50-day SMA barrier will be reached by bullish momentum. The bullish momentum will extend to the high of $44 if the 50-day SMA is broken to the upside. AVAX is currently at $26.

Analysis of the avalanche  indicator

The downward moving average lines are located above the price bars. The price bars are below the 21-day SMA but are consolidating above the support at $22.50. The price bars on the 4-hour chart are above and below the horizontal moving average lines. The doji candlestick is evident, but traders remain uncertain.

Technical Indicators: 

Key Resistance Levels – $60 and $70 

Key Support Levels – $30 and $20

What is the next direction for Avalanche?

AVAX's price is moving sideways on the 4-hour chart, fluctuating between $23 and $28. As doji candlesticks are present, the price bars are moving gradually. The descent of the price bars between the moving average lines indicates that the price movement is limited.

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 Coin Idol. Readers should do their research before investing in funds.