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Avalanche Breaks $14 Price Level, Yet Remains Hinged On Crucial Resistance

anushsamal
anushsamal
1 year ago
3 mins read
Avalanche

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During the recent weekend, Avalanche (AVAX) witnessed a significant surge in selling pressure, resulting in a bearish breakout. As a consequence, the price of AVAX dipped close to a multi-month low of $13.8.

However, on the 24-hour chart, the altcoin displayed a slight upward movement, showing some appreciation. On the other hand, the weekly chart depicted lacklustre performance for AVAX.

The technical outlook for Avalanche remains bearish, as both demand and accumulation levels have remained low. The price action of AVAX has been influenced by the undecided nature of Bitcoin (BTC), which recently re-entered the $27,000 range.

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This has caused other altcoins, including AVAX, to exhibit uncertainty on their respective charts. The overhead resistance level for AVAX holds significant importance, as surpassing this level could trigger a rally for the altcoin.

Conversely, if sellers exert further pressure, AVAX may break its consolidation and fall below its immediate support level, thereby strengthening the bearish sentiment.

Broader market strength is necessary for AVAX to reclaim its overhead ceiling. The decline in the market capitalization of AVAX indicates a decrease in buying strength at the current time.

Avalanche Price Analysis: One-Day Chart

Avalanche
Avalanche was priced at $14.70 on the one-day chart | Source: AVAXUSD on TradingView

At the time of writing, AVAX was priced at $14.70. It is currently trading in close proximity to its immediate resistance level of $15. A breakthrough above $15 has the potential to propel the altcoin towards $15.80 and ultimately $16.

The involvement of buyers in the market is crucial to generate demand and facilitate AVAX’s upward price movement. On the downside, if AVAX fails to sustain its current price level, it may find support at $14 before potentially trading below that level. The recent trading session showed a decline in the amount of AVAX traded, indicating the dominance of sellers in the market.

Technical Analysis

Avalanche
Avalanche noted low buying strength on the one-day chart | Source: AVAXUSD on TradingView

Throughout May and part of April, AVAX experienced consistently low buying pressure, reflecting a limited demand for the altcoin. The Relative Strength Index (RSI) was below the 40-mark, indicating that sellers had a greater presence than buyers at the time of writing.

Furthermore, the AVAX price fell below the 20-Simple Moving Average (20-SMA) line, demonstrating that sellers were the driving force behind the price momentum in the market.

A significant move above the $15 price level would help AVAX surpass the 20-SMA line, suggesting a potential shift in momentum and possibly attracting more buying interest.

Avalanche
Avalanche displayed a low buy signal on the one-day chart | Source: AVAXUSD on TradingView

Although AVAX recently returned to the $14 price zone, there are no clear indications of buying strength according to technical indicators.

The Moving Average Convergence Divergence (MACD), provides insights into price momentum. It formed only one green histogram, which does not necessarily signify buy signals at this point.

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Litecoin Surpasses $90, But This Level Remains Crucial For The Altcoin

2 years ago

The Bollinger Bands, which reflect price volatility and fluctuations, have remained wide, indicating that the possibility of price fluctuations cannot be ruled out in the upcoming trading sessions.

Featured Image From UnSplash, Charts From TradingView.com
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anushsamal
anushsamal

anushsamal

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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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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