Avalanche (AVAXUSD) Stretches Out to Reach the February 22 Resistance Price Level
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Since February 22, when the Avalanche market began to go the way of the bears and also fell below the key support price level at $17.69, the bull market has been struggling to recover. The bearish rush of late February was so strong that the $17.69 price level, which was once the support level, became the new resistance level. The bull market struggled at the resistance level for most of March and the early part of April before the market finally broke through the supply line. After this, the bull market broke loose as they continuously propelled the price towards the $21.00 price level, which is the February 22 resistance level.
AVAX/USD Price Statistics
- AVAX/USD Price Now: $20.64
- AVAX/USD Market Cap: $6,731,740,710
- AVAX/USD Circulating Supply: 326,213,699 AVAX
- AVAX/USD Total Supply: 422,277,419
- AVAX/USD CoinMarketCap Ranking: #14
Key Levels
- Resistance: $21, $22, and $23.
- Support: $18, $17, and $16
Price Prediction for the Avalanche: The Indicators’ Point of View
The bull market had a serious struggle at the $17.69 resistance price level for quite a while before the price breakout. All through this time, the bull market gathers momentum to get even with the bear market. After the Avalanche market settled at the equilibrium level, the Bollinger Bands indicator showed signs of a brief reduction in trading volume due to indecision. However, the period of indecision did not last before the bulls aggressively overran the market. As the bulls take control of the market, the Bollinger Bands indicator portrays a divergence of the two standard deviation curves. These are signs of increasing volatility in the market. Because of this, traders may likely take the $21.00 price level (which is the February 22 resistance level) as a potential take-profit level.
AVAX/USD 4-Hour Chart Outlook:
On the 4-hour chart outlook, we see the bullish price limited to the $20.69 price level, but the bull market seems determined to continue the upside action as they have quickly secured a demand level in proximity to the resistance level. The new demand level seems to be forming around the $20.46 price level. If the bulls can keep a firm grip on this price level, the upside action of the market may resume soon.
