AVAX Reconsiders The Low In The Face Of The $42 Hurdle

Cryptocurrency analysts of Coinidol.com report, Avalanche (AVAX) has fallen below the moving average lines and closed below the 50-day SMA.

Long-term analysis of the Avalanche price: bearish

The bears had the upper hand with AVAX being rejected twice at the $56 high. Bearish momentum finally broke below the moving average lines. On Dec. 23, the bulls bought the downside and tried to keep the price above the 50-day SMA. Today's bullish momentum was halted at the 50-day SMA. However, AVAX will resume its positive trend if the buyers sustain the price above the 21-day SMA. Then, the altcoin will rise to its high of $56. On the other hand, AVAX risks further losses as it is below the 50-day SMA. The altcoin is sliding after being rejected from the recent high. If the bears push the price above the current support level of $33, AVAX will fall to the low of the chart at $30.50. Currently, AVAX is valued at $41.10.

Analysis of the Avalanche  indicator

The AVAX price bars are below their moving average lines. On December 20, the extended candlestick tail points to the current support of $33, suggesting that the current support is experiencing strong buying pressure at lower price levels. On the 4-hour chart, the price is moving between the moving average lines, indicating a likely range-bound move for AVAX.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $30 and $20

What is the next direction for Avalanche?

On the 4-hour chart, AVAX is moving in a range of $33 to $42. The upside correction was halted by resistance at $42 and the 50-day SMA. Doji candlesticks are currently causing minor price fluctuations.

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.