Avalanche Price Analysis: AVAX Crypto Trading Near the Lower Range, What about Recovery?

• Avalanche price has been trading inside the horizontal range-bound area over the daily price chart.
• AVAX crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of AVAX/BTC is at 0.000864 BTC with an intraday gain of 0.89%.

When Avalanche pricing has tried to exit the consolidation phase, bulls have frequently struggled to hold gains at the phase’s threshold. Positive AVAX feedback suggests that individuals are right now concentrating on showcasing how the token varies from the horizontal range. The token’s cost, however, has remained constant around $16.20 to $22.00. The price of AVAX is currently soaring into the top range of the consolidation phase in a powerful rally. AVAX bulls must keep the token above the caged area by holding their position at the trendline.

AVAX’s market capitalization fell by 2.13% yesterday, and its current estimated price is $16.83. Since then, trading volume has dropped by 10.63%. This indicates that sellers are trying to grow their own holdings in an effort to follow the AVAX coin’s demise path. Volume to market cap ratio is 0.03413.

Source: AVAX/USD by TradingView

On the daily price chart, AVAX’s price is increasing as it approaches the upper trendline of the consolidation phase. To see the breakout of the token, bulls must gather at AVAX. Bears, however, could halt the AVAX coin’s upward momentum at any time because volume indicates that the rate of accumulation is constrained. Bulls in AVAX need to accumulate quickly to avoid falling into any bearish traps.

What do Technical Indicators suggest about AVAX?

Source: AVAX/USD by TradingView

During the consolidation phase, the AVAX coin price is attempting to hold at the present level on the daily chart. Technical analysis shows that the downward trend of the AVAX currency is accelerating.

The relative strength indicator displays the AVAX currency’s upward trend. At 46, the RSI is moving in a neutral direction. The MACD displays the increasing velocity of the AVAX currency. In a positive way, the MACD and signal lines are about to cross. AVAX investors should monitor the daily chart for any shifts in trend.

Conclusion

When Avalanche pricing has tried to exit the consolidation phase, bulls have frequently struggled to hold gains at the phase’s threshold. Positive AVAX feedback suggests that individuals are right now concentrating on showcasing how the token varies from the horizontal range. The token’s cost, however, has remained constant around $16.20 to $22.00. The price of AVAX is currently soaring into the top range of the consolidation phase in a powerful rally.

Technical Levels

Support Levels: $16.00 and $13.00

Resistance Levels: $18.00 and $20.00

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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