Avalanche Plays A Game Of Bounce Or Die, Can Bulls Win This Fight?
Avalanche (AVAX) price continues to hold key support against tether (USDT) as price finds itself amid death or survival. The crypto market has become promising as most altcoins appear bullish coming out of their shells, but the likes of Avalanche (AVAX) price continue in their struggle to survive. (Data from Binance)
Avalanche (AVAX) Price Analysis On The Weekly Chart
The price of AVAX has had a tough time replicating the move from a weekly low of $16 to a high of $30 as the price continues to remain dormant with little price action. In recent weeks, the price of AVAX showed so much strength rallying to $30 before being rejected, and the price has failed to hold above $22, acting as an area of interest.
AVAX price was not able to break out of the downtrend channel, forming a strong bullish bias as the crypto market could be set for a minor rally.
The price of AVAX saw a rejection from $25 and has struggled to reclaim this region; for AVAX to have a chance of trending higher, the price needs to reclaim $25 and flip it into a support for the price to trend higher.
If the AVAX price maintains this bearish structure, we could see the price of AVAX retesting the weekly low of $17, serving as good support for buy orders.
Weekly resistance for the price of AVAX – $25.
Weekly support for the price of AVAX – $17.
Price Analysis Of AVAX On The Daily (1D) Chart
After retesting the daily low, AVAX’s price bounced but was unable to trend higher due to more bearish signs indicating exhaustion. The price of AVAX must hold its key support at $14; if the price of AVAX fails to hold this support, the price may fall to its daily low.
AVAX’s price has continued to fall, indicating that more sell orders have been placed.
On a daily basis, AVAX is trading at $18.4 below its 50 and 200 Exponential Moving Averages (EMA). AVAX price is being held back by prices at $22 and $38, which correspond to the 50 and 200 EMAs.
Daily (1D) resistance for the AVAX price – $22, $30.
Daily (1D) support for the AVAX price – $14.
AVAX Price Analysis On The One Four-Hourly (4H) Chart
The price of AVAX in the 4H timeframe remains bearish, with the price forming a more bearish continuation pattern while trading below the 50 and 200 EMAs, which act as support.
The price of AVAX trades below the 50 and 200 EMA, and if it fails to hold the support at $16, we could see the price trend lower; if the price of AVAX bounces from its current value, we could see the price retest the $20 mark.
On the 4H chart, the Relative Strength Index (RSI) for AVAX is below 40, indicating more sell order volume for the AVAX price.
Four-Hourly (1H) resistance for the AVAX price – $20.
Four-Hourly (1H) support for the AVAX price – $16.
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