Avalanche (AVAX), the price, breaks an upward trend lingering within the ascending parallel channel since two months.
- AVAX price dips below the ascending channel, breaching an uptrend for two months
- Avalanche price slides further down to $25
- Price tagged in the buy zone but lacks impetus to maintain the ascending parallel channel
Even though AVAX was able to break above $30, the coin wasn’t able to fill in the cracks to $40. At first, support seen at $28 controlled the bears’ grasp on the price but AVAX price retraced at $26.22 and is in danger of plunging further down to $25 and $21.
Prices for Avalanche Drop to $25
Based on CoinMarketCapAVAX has fallen by 5.53% and is currently trading at $25.89.
AVAX had to overcome obstacles as resistance at $30 was spotted. AVAX was unable to maintain its upswing, despite the selling and intense buying. Parabolic SAR hovering above the price swayed in favor of the bears.
Now that support has been breached at $28, the main focus of the market will be on levels $25 and $11, which help to strengthen the 100-day SMA. The 50-day SMA might cause AVAX to trade below $28. This could lead to buyers congestion at $21.
On the daily chart you can see that AVAX is dropping below the middleline as the Stochastic oscillator increases its traction. A Stochastic oscillator bearish divergence may not stop the Avalanche price from continuing to fall.
The 4-Hour Chart shows a strong sell signal
At the moment, the Super Trend indicator shows an active sell signal on the chart. This sell signal might reduce the chances of AVAX recovering.
While the chart appears like a moving mean, the index uses volatility to calculate ATR. AVAX is still in the downhill zone, with the Super Trend indicator located above the price.
Many investors feel confident now is the time to get in even if technical considerations are against AVAX’s price.
Avalanche has a daily chart that shows the value of the Avalanche readings above the mean. Investors who are pushed into making profits may be able to pull back, as can the daily charts.
On the other hand, any movement below that range would indicate underestimating the value of AVAX which signals that it’s the best time to buy.
Source: TradingView.com| Source: TradingView.com Featured Image from Al Bawaba. Chart by TradingView.com