Avalanche (AVAXUSD) Market Accumulates at Discount Zone
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Avalanche Price Prediction – May 7
AVAXUSD market accumulates at the discount zone. The accumulation followed a massive crash, which resulted from the rejection of the price at the $65.40 supply zone.
The market seems to be gearing up for the bulls as the price is currently in a consolidation phase. The MA Cross is also contracting as the selling pressure decreases momentarily. Similarly, the MACD (Moving Average Convergence Divergence) is heading upward while the histogram of the MACD has risen above the zero line. Owing to the indication of the indicators, after the consolidation, a markup is highly probable.
AVAX/USD Market Key Levels:
Resistance levels: $50.00, $54.70, $65.40
Support levels: $30.60, $24.70, $18.90
AVAX/USD – Daily Chart
The AVAX/USD daily chart showcases that the market is currently in an accumulation phase.
The ongoing consolidation began after the price attained a major low of $29.40. Before the attainment, the market’s trend was bearish.
The market’s trading range lies between a $65.40 swing high and a $29.40 swing low. The ongoing accumulation of AVAXUSD at the discount zone is likely to cause a markup.
For how long will the AVAXUSD market remain in the accumulation phase?
The price seems to have begun to respect a new diagonal support. The diagonal support emerged after the price hit the $30.60 support.
A bullish order block recently formed around the $35.60 price level. After the retracement into the bullish order block, AVAXUSD is likely to begin the markup.
AVAX/BTC Price Analysis
The market’s order flow for AVAXUSD is bearish. The bearish trend began as the bulls stormed the market at 0.001130. However, a major correction is currently ongoing due to the recent sell-side liquidity grab below the 0.000500 low.
The ongoing major correction seems to be heading towards the major trendline. Once the major trendline is hit, the overall bearish trend is expected to resume.
Avalanche (AVAX) Current Statistics
The current price: $13.320
Market Capitalization: $5,980,000,000
Trading Volume:$93,490,000
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