Avalanche Trading Sideways Below $26

The price of Avalanche (AVAX) has risen above the moving average lines following the breakout on July 10.

AVAX price long-term analysis: bullish

The altcoin is trading sideways between the $16 support and the $26 barrier. The moving average lines and resistance at $26 have hindered the rise, although the decline was halted above the $16 low.

Today, buyers have broken above the moving average lines. On the upside, positive momentum is predicted to reach a high of $26. If AVAX breaks above the $26 level, it will start to rise. The altcoin will reclaim its previous highs between $36 and $40. The price of the altcoin stands at $26.

Analysing the Avalanche indicator

The price bars run both below and above the horizontal moving average lines. On the 4-hour chart, the price bars are above the upward moving average lines. The 21-day SMA is above the 50-day SMA, indicating an uptrend.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What is the next direction for Avalanche?

AVAX remains in a sideways trend between support at $16 and resistance at $26. The altcoin's uptrend will resume when it breaks above the $26 level.

Currently, the bullish momentum has stalled near the $21 mark. The cryptocurrency is slipping as it continues its downward sideways movement. If the altcoin overcomes the initial restrictions, it is expected to gain in value.

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.