Coinidol.com: Avalanche Falls to Lowest Price at $8.62

Avalanche (AVAX) is declining below the moving average lines as it nears the bottom of the chart.

Avalanche price long-term analysis: bearish

The cryptocurrency previously surged to a high of $36 but faced selling pressure at its last peak. Bearish momentum has pushed the price below the moving average lines.

On the downside, bears have breached the current support level of $15.62, suggesting the cryptocurrency will continue to decline. If bearish momentum persists, AVAX could fall to its low of $8.62.

However, if the current support holds, the cryptocurrency may resume its upward trend. AVAX is currently at $13.33.

Technical Indicators:

• Resistance Levels – $60 and $70

• Support Levels – $30 and $20

Avalanche price indicator analysis

On the weekly chart, the price bars are below the horizontal moving averages. AVAX is now trading in the oversold area of the market, making it more likely to attract buyers at the bottom of the chart. The 4-hour chart shows downward-sloping moving average lines, indicating a current downtrend.

What is the next direction for Avalanche?

AVAX's price has continued to fall, reaching a low of $12.50 before rebounding. The rally has stalled below the $13.50 level. If bears break below the $12.50 support, the cryptocurrency will begin to fall again. Meanwhile, the price has remained stable and below its previous peak.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.