Avalanche’s price slipped beneath the solid $13.9 level following last week’s market collapse. Since then, the price has been struggling below this mentioned level as it found temporal support at $12.
Last week, Avalanche recovered to a $16 high after the price slipped to a $12 low. The price later rolled back to the weekly low after it faced rejection. This high-low price range now acts as resistance and support for the past few days.
Following this week’s opening, Avalanche has shown no sign of recovery as the price continues to move sideways.
Although Avax initiated a buy on the second 4-hour candle after the weekly opening, it failed while attempting to reclaim the $13.9 resistance level, which recently broke as support. The setups look like a trap!
The sideways movement technically appears calm on the current 4-hour chart. If the market can regain momentum above the weekly resistance, a short-term gain is likely before it resumes drops. However, the trend remains bearish on the daily chart.
At press time, the price is still down by 12% over the past week. We can expect a decent rally once the price breaks from this high-low price range.
Avalanche Price Analysis (AVAXUSDT): Daily Chart
If AVAX bears step back and the price dip the current monthly support, the next support level is likely at $11 and potentially $10 in no time. The long-term bearish could bottom at $5.
As soon as it reclaims the current holding resistance, an increase is likely to $ 14.9 (an hourly resistance level) before rising further to the weekly resistance level of $16.
The resistance to watch above this level is $17.46 in case of a breakout. The yellow resistance line drawn on the daily chart would be a retest area for the buyers.
Key Resistance Levels: $13.9, $16, $17.46
Key Support Levels: $12, $11, $10
- Spot Price: $13.17
- Trend: Neutral-Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Mohammad Alizade on Unsplash // Image Effects by Colorcinch
