The price of Avalanche (AVAX) is falling while it is in a sideways trend at the bottom of the chart.
It is fluctuating both above and below the moving average line and between $20 and $27.
Avalanche price long-term analysis: ranging
Bearish momentum broke below the moving average lines, but was halted by the 50-day SMA. AVAX will fall to a low of $20 if the bearish momentum breaks above the 50-day SMA support.
However, if the 50-day SMA support holds, the altcoin will continue to move between the moving average lines. The uptrend will start when the price crosses above the 21-day SMA. It is worth noting that the upward movement has always been halted by the $26 resistance level. AVAX is currently at $23.44.
AVAX price indicators analysis
The price bars are currently between the moving average lines after the recent decline. AVAX will turn around if either the 21-day SMA barrier or the 50-day SMA support is broken. The price bars on the 4-hour chart are below the moving average lines, indicating that the market is now trending.
Technical Indicators:
Resistance Levels – $60 and $70
Support Levels – $30 and $20
What is the next move for AVAX?
The price of AVAX has fallen below the moving average lines, as can be seen on the 4-hour chart. The price of the cryptocurrency is hovering between $23 and $25. The price movement is currently halted and hovering above the support level of $23. AVAX continues to trade in a range due to the doji candlesticks.
Coinidol.com reported on August 23 that the price of Avalanche was recovered and is approached the $26 level.
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.
Source: https://coinidol.com/avalanche-range-bound-move/
