The Current State of Avalanche (AVAX) Price Movement 📉
As of now, the price of Avalanche (AVAX) has dipped below the moving average lines after hitting a low of $17.35 and then recovering slightly.
Long-term Outlook: Bearish Trend for Avalanche 🐻
– The recent upsurge in price was hindered by the $28 resistance level, resulting in AVAX now consolidating within the $20 to $28 range.
– Over the past three weeks, the cryptocurrency has been trading in a range as its overall trend is being determined. However, indicators suggest a potential downturn for AVAX, with a projected decline towards the 1.272 Fibonacci extension at $11.
– If the current support level of $20 is breached by the bears, AVAX could further descend towards $11, indicating a bearish scenario. Currently, the altcoin is priced at $23.61.
Evaluating Avalanche’s Market Indicators 📊
– Looking at the daily chart, AVAX has retraced the moving average lines, leading to a sideways movement for the altcoin. Once these moving averages are broken, a clear trend is expected to emerge.
– On the weekly chart, a bearish crossover is observed as the 21-day SMA falls below the 50-day SMA, signaling a bearish sentiment in the market.
Key Technical Indicators:
- Resistance Levels: $60 and $70
- Support Levels: $30 and $20
Projections for Avalanche’s Near Future 🚀
– Following the price drop on August 5, Avalanche has been oscillating sideways. The bulls managed to halt the decline above the $20 support level, but the subsequent uptrend faced resistance near $28, resulting in a choppy price movement for the cryptocurrency.
Hot Take: Conclusion on Avalanche’s Price Movement 📢
– The recent price action and market indicators suggest a bearish trend for Avalanche (AVAX), with the cryptocurrency likely to face further downwards pressure in the near term.
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