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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

jamesobande
jamesobande
1 year ago
2 mins read

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  • AVAX price ranges below 50 and 200 EMA on the daily timeframe. 
  • Price continues to maintain a downtrend as it aims to break out to the $20 range.
  • AVAX price closes attempting to break out of its downtrend on low timeframe. 

Avalanche (AVAX) price has failed to sustain its head high above the blood bath of the bear market against tether (USDT). With what proved to be a major run for the price of Avalanche (AVAX) from a low of $10 to a high of $145, many predicted the AVAX project causing a major upset for many crypto projects. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively, with AVAX prices not exempted. (Data from Binance)

Related Reading: Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT?

Avalanche (AVAX) Price Analysis On The Weekly Chart 

The price of AVAX has continued to decline as there seems to be no hope of a major bounce after losing its weekly support of $25 as the price looks to reclaim its $10 support on the weekly chart.

The price of AVAX continues to hold above a key support area of $10; the price of AVAX needs to break its downtrend that has been maintained for weeks. A break would see the price retesting $20-$25. 

For the price of AVAX to restore its relief, the price needs to break and hold above the $20 resistance preventing the price of AVAX from trending higher. If the price of AVAX keeps rejecting $20, we could see the price going lower. 

Weekly resistance for the price of AVAX – $25.

Weekly support for the price of AVAX – $15-$10.

Price Analysis Of AVAX On The Four-hourly (4H) Chart

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

In the 4H timeframe, the price of AVAX continues to range in a downtrend line as the price attempts to break out. This could signal a relief bounce on a low timeframe.

The price of AVAX trades at $17.4 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for AVAX price. The price of $17.7 and $20 corresponds to the resistance at 50 and 200 EMA for the price of AVAX. The price of AVAX needs to reclaim 200 EMA for a chance to trend to $25-$30. 

Four-Hourly resistance for the AVAX price – $20-$25.

Four-Hourly support for the AVAX price – $17-$15.

Onchain Analysis Of AVAX

AVAX On-chain Analysis | Source: AVAXUSD On Messari.io

Although many investors and projects are building on the Avalanche network, it has experienced a difficult time in terms of price during the bear season. The price of AVAX, based on the on-chain data, is beginning to see a little relief over the last 24 hours compared to previous weeks.

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022
Featured Image From Daily Hodl, Charts From Tradingview and Messari
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jamesobande
jamesobande

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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