Avalanche Plays A Game Of Bounce Or Die, Can Bulls Win This Fight?

The Avalanche price (AVAX), which continues to be key support of tether price (USDT), is a price that finds itself in death or survival. Although most altcoins have appeared bullish, the crypto market is looking promising. However Avalanche’s (AVAX), price continues to struggle for survival. Data from Binance

Weekly Chart: Avalanche (AVAX), Price Analysis 

AVAX’s price has struggled to replicate the weekly move of $15 to $30. The price is still dormant and there have been no price movements. AVAX’s price rallied up to $30 over the past week before falling to $22. The market has not been able to sustain above $22 in the last two weeks. 

Although AVAX was unable to move out of its downtrend channel the price formed a bullish bias and the market might be ready for a slight rally. 

AVAX lost $25 on its price rejection and is now struggling to return to this price range. AVAX needs $25 in order to rise and turn it into support.

We could see AVAX prices retesting their weekly lows of $17 if the bearish AVAX structure continues. This would be a good indicator for buying orders.

Weekly resistance for the price of AVAX – $25.

Weekly support for the price of AVAX – $17.

Comparison of the Daily AVAX Price Chart (1D)

Source: AVAXUSDT on Tradingview.com| Source: AVAXUSDT On Tradingview.com

After retesting the daily low, AVAX’s price bounced but was unable to trend higher due to more bearish signs indicating exhaustion. AVAX should hold at least $14 as its support. Otherwise, it could fall to its daily minimum.

AVAX’s price has continued to fall, indicating that more sell orders have been placed.

AVAX’s daily trading price is $18.4 lower than its 50- and 200-exponential moving averages (EMA). Prices of $22 & $38, which corresponds to the 50 EMAs, and $38 respectively, hold back AVAX prices.

Daily (1D) resistance for the AVAX price – $22, $30.

Daily (1D) support for the AVAX price – $14.

AVAX Price Analysis on The Four Hourly Chart (4H)

Four-Hourly Price Chart for AVAX | Source: AVAXUSDT On Tradingview.com

AVAX’s price in the 4-hour timeframe is bearish. The price forms a bearish continuation pattern when trading below the 50 or 200 EMAs. These EMAs act as support.

AVAX is trading below the 50 and $200 EMA. It could fall below $16 support if that fails. AVAX could also trend lower if its price bounces off of its current level. We could then see AVAX retesting the $20 mark.

The 4H chart shows that the Relative Strength Index for AVAX (RSI for AVAX) is lower than 40. This indicates more volume of AVAX sell orders.

Four-Hourly (1H) resistance for the AVAX price – $20.

Four-Hourly (1H) support for the AVAX price – $16.

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