Forecast for Avalanche (AVAX) Price Movement
You are probably wondering about the price movement of Avalanche (AVAX) this year. Let’s dive into a detailed analysis of the price trends to help you make informed decisions about your investments in this cryptocurrency.
Long-term Forecast for Avalanche Price: Bearish 📉
As reported previously, there was a significant price plunge on August 5, with AVAX falling to a low of $17 before recovering above the $19 support level. However, negative momentum has taken over recently as the bears attempt to push the price below $19 once again.
- The price indicator suggests a further decline in the value of AVAX.
- During a previous price decline on July 1, a retraced candle approached the 78.6% Fibonacci retracement line, indicating a potential fall towards $11.
- Currently, AVAX has dropped to $20 at the time of writing.
Analysis of Avalanche Indicator 📊
The rejection at the 21-day SMA is causing AVAX to decline, with price bars positioned below the moving average lines. This indicates a continued downward trend for the cryptocurrency. The daily chart also shows a bearish crossover as the 21-day SMA falls below the 50-day SMA, presenting a bearish signal.
Technical Indicators for AVAX
- Key Resistance Levels: $60 and $70
- Key Support Levels: $30 and $20
What’s Next for Avalanche?
The current price of AVAX is on a downward trajectory, heading towards the $19 support level. If this support is breached, the cryptocurrency could revisit its previous low of $17. The price forecast suggests a potential further decline to $11.
Summary 📉
In conclusion, the price of Avalanche (AVAX) is facing a bearish outlook, with indicators pointing towards a continued decline in value. It is essential to monitor the price movements closely and consider these insights when making decisions about your investments in AVAX. Stay informed to navigate the fluctuations in the cryptocurrency market effectively.
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