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Avalanche (AVAX)

Avalanche Price Prediction: Bears Bust The 60 Days Low, Buyers Try to Defend Themselves

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  • Avalanche (AVAX) price stays low under a descending parallel channel.
  • The 20 day moving average acts as an immediate bullish barrier on the daily time frame.
  • The Avalanche Coin belonging to the bitcoin pair is 3% green at 0.0008156 satoshis.

Avalanche (AVAX) price is hitting the stop loss of the buyers in a continuous downtrend. The digital asset hits its yearly low in the month of October as price action is unable to favor positive signals. Amid the ongoing week, bears pulled the asset price down and recorded a 120-day low at $14.58.

Avalanche Coin’s price action paints a low-high over the past two months. Thus, the price is underperforming under a falling wedge pattern. Undoubtedly, the price trend appears to be weak but buyers closer to the lower levels may be aggressive towards cost recovery. This action can help buyers to collect coins for an upward trend.

Despite heavy selling in Avalanche coins, prices never trade below $14 zone in 2022. As a result, this zone provides support to AVAX crypto and as of now digital assets fluctuates just above it. Meanwhile, against the USDT pair, the Avalanche coin is trading at $15.6 mark at the time of writing. Price appears neutral in intraday trading sessions. 

In this trading volume increased compared to last week. Nevertheless, there was a drop in volume of 21 overnight, reported at $196 million. However, the market cap of AVAX crypto has increased by 3.35% in the last 24 hours at $4.63 Billion. Moreover, the Avalanche coin relating to the Bitcoin pair is green 3% at 0.0008156 Satoshis. 

Source: AVAX/USDT by Tradingview 

During downtrend, the 20 day moving average acts like an immediate bullish hurdle over the daily time frame. Remaining 50,100 and 200 DMAs are far above the current price of AVAX. 

The RSI indicator stays below the semi-line for over two months. Due to the failure of RSI peak, AVAX price is trading under selling pressure. Besides, MACD continues moving higher and it may move through the neutral zone soon. 

Conclusion 

The Avalanche (AVAX) price is in the process of painting the third green candle on a daily time frame. Although little bullish indicator comes from price pattern’s side but still crypto observes into falling wedge pattern. Buyers need to flip the 20 Day moving average into immediate support level. 

Technical Levels

Support level – $14 and $10

Resistance level – $22 and $30

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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