- AVAX’s price shows strength as it bounces from a downtrend with high volume, aiming for a rally to $20.
- AVAX is facing a rejection of a trend higher than $17, after falling sharply below key resistance.
- AVAX’s price remains strong below the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area.
Avalanche (AVAX), although it is nearing the $17 area, remains strong and faces resistance from climbing to the $20 zone. With Bitcoin (BTC), Ethereum (ETH), experiencing substantial price movements, the crypto market appears more stable. Avalanche (AVAX) has seen a rise from its downtrend to $17, as the price attempts break through key resistance. (Data from Binance).
Weekly Chart Price Analysis for Avalanche, (AVAX).
While many altcoins struggle to stay in the trend market, AVAX’s price has been more in the downtrend. It dropped from $150 to $15 at its peak, which was more than 80%, and it is now trading at $16.
AVAX’s price recently declined from an all-time high of more than $150 to a region of $75 before rallying to a high of $100; the price of AVAX faced further rejection to its price to a range low of $60.
AVAX’s price bounced instantly, creating pin-bar candlesticks. The price rose to $96 and seemed to indicate a greater rally.
AVAX’s price faced a much bigger rejection at $96 as the price has continuously declined from this high to a weekly low of $15, where the price attempted to rally high but with less volume accompanying this rally.
Despite AVAX rallying from its weekly low, the price failed to break past the resistance at $35.3, corresponding to Fibonacci’s retracement value of 23.6%. For more relief, the price should break through resistance at $35.3
Weekly resistance for the price of AVAX – $35.
Weekly Support for the price of AVAX – $15.
Comparison of the Daily AVAX Price Chart (1D)
The price of AVAX is strong in the daily price range and trades above $15, which was formed after price rally from daily low. This market looks favorable for all crypto assets.
AVAX must break above 50 EMA in order to be a strong resistance. A price of $17.50 is equivalent to 50 EMA. This resistance will prevent the price from rising to $20.
Daily resistance for the AVAX price – $17.50.
Daily Support for the AVAX price – $15.
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