Avalanche (AVAX) has fallen back above the 50-day SMA support or the low of $21.86 after falling below the moving average lines.
Avalanche price long-term analysis: bearish
The uptrend was terminated near the $26 level. The cryptocurrency fell below the moving average lines after being denied three times at the $26 level. The altcoin fell to $21.14 before rebounding. AVAX will fall to its previous low of $19.13 if the 50-day support is broken.
However, if the 50-day SMA support holds, the coin will rise again. AVAX will rise but fluctuate between the moving average lines for a few more days. A break above the 21-day SMA barrier will push the altcoin to resume its uptrend. Today, AVAX is stuck at the edge of the 50-day SMA support. At the time of writing, it is worth $21.86.
AVAX price indicators analysis
After the current downward move, the price bars have fallen between the moving average lines. AVAX will fall further if the downtrend falls below the 50-day moving average line. If the 50-day SMA support holds, a sideways movement between the moving averages will begin. The moving average lines on the 4-hour chart are horizontal in reaction to the sideways trend.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX traded below the $26 resistance and above the $22 support. The bears broke through the $22 support on 30 May and retested it. This indicates that the cryptocurrency will continue to decline. AVAX could fall significantly lower, to $19, if it is rejected at the $22 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.
