AVAX Remains Stable Above The Critical Support Of $35

The latest price analysis by Coinidol.com report, Avalanche (AVAX) prices continue to trade below the moving average lines but above the $35 support level.

Long-term analysis of the Avalanche price: bearish

Buyers tried twice to hold the price above the moving average lines but failed to do so. Today, the bearish momentum broke below the moving average lines and reached a low of $38. If the altcoin continues to fall, it will reach a low of $35. On the downside, if the $35 support holds, AVAX will continue to move above the current support but below the moving average lines. However, if the existing support is broken, AVAX will fall to lows of $30 and $22.

Analysis of the Avalanche indicator

On the daily chart, the moving average lines continue to show a bearish crossover with the 21-day SMA below the 50-day SMA. After the recent price decline, the price bars are now below the moving average lines, which are sloping horizontally due to the sideways movement.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What is the next direction for Avalanche?

On the 4-hour chart, AVAX trades in a range of $35 to $45 price levels. The altcoin's upward surge has been repelled by selling pressure. However, the negative trend may continue if the $35 support is breached. The slide has paused after hitting a low of $37.56.

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.