- The AVAX market continues to decline as the price of AVAX is still bearish despite price trading at key support.
- AVAX trading below 50, 200-day Exponential Moving average as the price struggle to recover bullish signals.
- To resume bullish price movements, AVAX must break above $30 as the resistance.
Avalanche’s (AVAX), continues to struggle with its bullish tendency as it fails to breach the $30 resistance against USDT (tether). In the previous weeks, crypto market caps were as high as Bitcoin (BTC), prices, and other crypto assets. Despite this, Avalanche’s (AVAX), continues its downward trend and is still struggling to get into the green party. Data from Binance
Weekly Chart Price Analysis for Avalanche, (AVAX).
Despite showing some great price movement in recent weeks with so many traders and investors becoming interested in the different projects being built on the Avalanche ecosystem, which could have been a huge boost for the price to trend higher but that wasn’t the case the price has struggled to trend higher than $30.
AVAX’s weekly drop to $15 was followed by a rally to $30. The price then rose to $50 where it faced resistance. After this, AVAX lost its bearish momentum and fell back to $15.
AVAX’s price bounced back from $18 and was rejected from $22, however, the trend of a downward trend meant that the price would not rise. The price could retest support at $10 if the trend in AVAX price continues.
Weekly resistance for the price of AVAX – $21.
Weekly support for the price of AVAX – $15.
Prices Analysis of AVAX on the Daily (1D), Chart
The daily price of AVAX is trading above the key support that was formed during recent weeks, when it dropped from $45 to $15 per day.
AVAX’s price continued its downward trend, and moved in a range. The price formed a triangle that looks to be descending with what could look like an imminent breakout to the upside.
AVAX must continue to hold on to key support in order to keep its price from falling below $10.
As the mark below 50, the relative strength indicator for AVAX’s price on the daily charts shows that sell orders dominate the price.
Daily resistance for the AVAX price – $18.
Daily support for the AVAX price – $15.
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