Avalanche Price Prediction: AVAX/USD Resumes Consolidation, Will it Plunge Below $30?
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The Avalanche price prediction shows that AVAX is trading at $34.8 as the coin seems to be preparing for a bearish movement.
AVAX/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $47, $49, $51
Support Levels: $23, $21, $19
Looking at the daily chart, AVAX/USD seems to be waiting for an opportunity for a breakout in either a positive or negative. The crypto is trading below the 9-day and 21-day moving averages, aiming to slide below the lower boundary of the channel. However, the Avalanche price is likely to extend toward the support level of $33 if it crosses below the channel.
Avalanche Price Prediction: Is $30 Support Coming for AVAX?
It is likely for the Avalanche price to touch the support level of $33 if the bears increase the selling pressure. Any further bearish movement below the upper boundary of the channel may locate the critical supports at $23, $21, and $19. Meanwhile, if AVAX/USD soars toward the upper boundary of the channel, this could be a sign that bulls may come into focus.
Nonetheless, if the AVAX price rises above the moving averages; traders may see a bullish movement toward the upper boundary of the channel, and a further rise could push the price to the resistance levels at $47, $49, and $51 respectively. For now, the Avalanche price is likely to fall as the 9-day MA keeps hovering below the 21-day MA.
AVAX/USD Medium-term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Avalanche price is moving bearishly as the sellers are dominating the market. Meanwhile, if the bullish movement resumes, the coin is likely to cross above the 9-day and 21-day moving averages, if not, the support level of $30 and below may come into focus.
However, if the bulls push the market above the moving averages, traders may expect a touch of the $38 resistance level, breaking this level may further push the price toward the resistance level of $40 and above while the 9-day moving average stays below the 21-day moving average, suggesting a bearish signal.
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