Avalanche Price Prediction: AVAX/USD Trades Around $10.39
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Avalanche Price Prediction – October 25
According to the daily chart, the Avalanche price prediction shows that AVAX bulls are making a come-back after the bearish day.
AVAX/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $12.00, $12.50, $13.00
Support Levels: $8.50, $8.00, $7.50
At the time of writing, AVAX/USD is teetering at $10.39. There have been instances when AVAX has exchanged hands above $10.50 sustaining the bullish price action is an uphill task. Moreover, the path of least resistance is still downwards but the daily chart shows that the coin may cross above the upper boundary of the channel.
Avalanche Price Prediction: Would Avalanche Go Up?
The Avalanche price is hovering above the 9-day and 21-day moving averages at the resistance level of $10.39 after touching the daily high of $10.64. According to the daily chart, the 9-day MA is likely to cross above the 21-day MA which could confirm the bullish movement in the market.
On the downside, recovery might not be easy as the support needs to be sorted above the $10.40 level. Therefore, any bullish movement above the upper boundary of the channel is likely to locate the resistance levels at $12.00, $12.50, and $13.00. On the contrary, if the market falls sharply, the critical supports will likely be at $8.50, $8.00, and $7.50.
AVAX/USD Medium-term Trend: Ranging (4H Chart)
Checking the 4-hour chart for the coin, AVAX/USD is trending in a downward channel formation. During the European session today, the Avalanche (AVAX) is seen trading at the upside touching the daily high of $10.64 before dropping to where it is currently changing hands at $10.41. On the downside, traders can only be sure of one healthy support at $10.00. Further support could be located around $9.60 and below.
However, the 9-day moving average is still above the 21-day moving average to confirm that the coin may head to the upside. However, the Avalanche price may rise toward the upper boundary of the channel and this could push the price to hit the potential resistance at $11.35 and above.
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