Avalanche’s (AVAX), $30 per Tether (USDT), is the new low. Avalanche, (AVAX), looks for key support in order to prevent it from falling. 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).
Weekly Chart Price Analysis for Avalanche
Chart shows AVAX price had strong bullish bias at $30. However, AVAX price fell due to rejection from the region.
AVAX climbed to $30 following a week of falling below $14.5. The hope is that AVAX will regain $50. After being rejected by $30, the price has been bullish ever since.
AVAX ended the week with a bearish candle and volume suggesting that AVAX prices will drop further in the next week.
We could see support being retested at $14.5 or less if AVAX keeps its current structure. This depends on the sell volume.
Weekly resistance for the price of AVAX – $30.
Weekly support for the price of AVAX – $14.5.
Prices 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 trades currently at $19.3 less than the Exponential Moving averages (EMA) of 50 and 200. These EMAs act as resistance to AVAX moving higher.
These prices correspond to 50 and 200 EMA, or $24 and $40 respectively. AVAX needs to break out of this region to move higher. This acts as resistance and prevents AVAX from rising.
Breaking and closing above the 50-day moving mean would signal a temporary relief bounce. A close above 200 day moving mean that the trend is reversing to the upside.
AVAX could fall below $24 resistance, which would lead to AVAX falling to $16 region of price accumulation.
Daily (1D) resistance for AVAX price – $24.
Daily (1D) support for AVAX price – $16.
Comparison of AVAX Prices on the Four-Hourly Chart (4H)
On the 4H chart, AVAX has been trading at a weak price. It is trying to stay above $18 support; additional buy orders could lead to AVAX moving higher.
AVAX is showing a bullish divergence in the 4H chart. The price is too high; AVAX could bounce out of this area for AVAX prices. $24 might be minor resistance.
Relative Strength Index (RSI, for AVAX) on the 4H Chart is below 30. This indicates that AVAX may be oversold.
Four-Hourly (4H) resistance for AVAX price – $24.
Four-Hourly (4H) support for AVAX price – $18.
Featured Image from Fintechs Charts From TradingView.com
