Avalanche Price Slips At $30 As AVAX Eyes Key Support

The price of Avalanche (AVAX) slips at $30 against Tether (USDT) as Avalanche (AVAX) eyes key support to hold the price from selling off. AVAX showed great strength rallying to a high of $30 but was rejected as Bitcoin’s (BTC) price continued to go lower, affecting the price of AVAX from trending higher. (Data from Binance) Related Reading: Why Bitcoin Is Oversold As BTC Reclaims Territory North Of $20,000 Avalanche (AVAX) Price Analysis On The Weekly Chart  According to the chart, the price of AVAX had a strong bullish bias at $30, but the price was rejected from that region, causing the price of AVAX to move downward. After hitting a weekly low of $14.5, AVAX rallied to a high of $30, with hopes of retesting $50. The price was rejected at $30 and has since remained bullish. The price of AVAX closed with a weekly bearish candle, and the price volume suggests that the new week will be even more bearish. If AVAX maintains its current structure, we could see a retest of the support at $14.5 or lower, depending on sell volume. Weekly resistance for the price of AVAX – $30. Weekly support for the price of AVAX – $14.5. Price Analysis Of AVAX On The Daily (1D) Chart AVAX’s price reached a daily low of $16, forming good support for the price to bounce off. AVAX’s price rose to $30, but it couldn’t break through the resistance because the price was sharply rejected. AVAX is currently trading at $19.3 below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance to the price of AVAX breaking higher. The 50 and 200 EMA correspond to prices of $24 and $40, respectively; for AVAX to trend higher, it must break through this region, which acts as resistance for AVAX prices. A break and close above the 50-day moving average would indicate a short-term relief bounce, while a close above the 200-day moving average would indicate a downtrend reversal to the upside of the current bearish trend. If the price of AVAX fails to break the resistance at $24, we could see the price of AVAX going to the lower region for price accumulation at $16. Daily (1D) resistance for AVAX price – $24. Daily (1D) support for AVAX price – $16. Price Analysis Of AVAX On The Four-Hourly (4H) Chart The price of AVAX on the 4H chart has continued to look weak, trying to hold above the support area at $18; more buy orders in this region could see the price of AVAX going higher.  AVAX has formed a bullish divergence on the 4H chart as the price is oversold; we could see a bounce from this region for AVAX price, as $24 could act as minor resistance.  The Relative Strength Index (RSI) for AVAX on the 4H chart is below 30, indicating AVAX is oversold. Four-Hourly (4H) resistance for AVAX price – $24. Four-Hourly (4H) support for AVAX price – $18. Related Reading: Ethereum Might Crash After The Current Supply Zone, Analysts Predict Featured Image From Fintechs, Charts From TradingView.com

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Author: toutiao