Avalanche Price Prediction: AVAX/USD Rejected; More Pains May Come to Focus
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Avalanche Price Prediction – December 22
Avalanche price prediction shows that AVAX may spike again but despite the rejection, the bullish structure is still intact.
AVAX/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $60, $62, $64
Support Levels: $32, $30, $28
Looking at the daily chart, Avalanche bears may be actively taking back control as they are seen forcing AVAX/USD to bow down to fresh losses. The digital asset is correcting 2.28% lower on the day. At the time of writing, AVAX/USD is changing hands at $44.92 after adjusting lower from $49 which is an intraday high. In addition, Avalanche remains vulnerable to losses if it slides below the 9-day and 21-day moving averages.
Avalanche Price Prediction: What Could be the Next Direction?
Looking at the coin from a technical angle, one can say that the Avalanche price may likely follow the downtrend. Meanwhile, if the 9-day MA crosses below the 21-day MA, it may confirm the bearish movement. However, AVAX/USD is still at great risk of dropping to levels close to $40.
However, bulls are banking on the 9-day moving average to ensure that despite a reversal, the Avalanche price stays above the $45 level. Meanwhile, any further movement below $43 may push the coin toward the critical supports of $32, $30, and $28. Therefore, if the coin crosses above the channel, the market price may hit the nearest resistance levels at $60, $62, and $64.
AVAX/USD Medium-term Trend: Bullish (4H Chart)
The Avalanche price is seen hovering within the 9-day and 21-day moving averages as the 4-hour chart reveals. However, the bears are likely to return to the market while the bulls are trying to defend the $44.80 support. If not, the support level of $38 and below may come into play if the coin focuses on the downward movement.
Moreover, buyers may need to regroup and hold the support of $45, once this is done, traders may expect a cross above the 9-day moving average, and breaking toward the upper boundary of the channel may push the coin to the resistance level of $52 and above.
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