Avalanche Market’s Consolidation Lingers at the Discount Zone
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Avalanche Price Prediction – May 14
Avalanche (AVAXUSD) market’s consolidation lingers in the discount zone. The consolidation has begun since April 13, 2024, as prices bounced off the $30.60 demand zone.
Since the MSS (Market Structure Shift) on April 1, 2024, AVAXUSD has been bearish, as indicated by the SMA (Simple Moving Average). However, a reversal is impending due to the current indication of the Stochastic Oscillator. As of now, the market has entered an oversold state, and AVAXUSD might experience a breakout to the upside.
AVAX/USD Market Key Levels
Resistance levels: $39.90, $50.00, $65.40
Support levels: $34.40, $30.60, $24.70
AVAX/USD – Daily Chart
The AVAX/USD daily chart showcases that the market is still in the discount zone as the consolidation continues.
The price has not succeeded in breaking out above the $39.90 resistance level. This indicates a delay in the expected surge as the accumulation lingers.
Apparently, the price keeps forming higher lows as it converges between a diagonal resistance and the $39.90 resistance. The expected breakout is, however, likely to happen soon, as the Stochastic Oscillator indicates that the market is oversold.
How will AVAXUSD market react as it breaks out to the upside?
An order block has formed at the top of the consolidation range. According to the Stochastic Oscillator, the market is oversold despite the formation of higher lows.
As the price continues to respect the diagonal support, a successful breakout to the upside is likely to turn the order block into a breaker block in the bulls’ favor.
AVAX/BTC Price Analysis
On the daily chart of AVAXBTC, the market is also in a consolidation phase. The consolidation began after a sell-side liquidity grab below 0.0004960.
The overall trend of AVAXUSD, though, appears bearish. The price has, since the beginning of the year, been declining alongside a bearish channel.
Avalanche (AVAX) Current Statistics
The current price: $32.50
Market Capitalization: $12,290,000,000
Trading Volume:$472,250,000
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