Avalanche Price Prediction: AVAX/USD Back Below $10.0 Level
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Avalanche Price Prediction – October 9
The Avalanche price prediction is facing an intense tug of war as bears mount pressure near $9.00, taking the market price to the south.
AVAX/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $11.50, $12.00, $12.50
Support Levels: $8.00, $7.50, $7.00
AVAX/USD is dropping from the opening price of $10.0 as the bulls are struggling to overcome the important resistance at $11.0. The stagnation near the 21-day moving average shows that the pair is unable to increase volume to keep the market to the upside and overcome key hurdles with confidence.
Avalanche Price Prediction: AVAX Heads to the South
The Avalanche price is hovering around $9.68 as the coin heads toward the support level of $9.50. However, support and resistance levels may ensure that the daily charts are not very volatile. Moreover, the price may challenge the lower boundary of the channel and could reach the nearest support at the $9.00 level. However, the sudden drop that occurred a few days ago has brought back the bears to touch the low of the $9.58 support zone.
According to the daily chart, the Avalanche price could not go higher as it is currently dropping below the 21-day moving average. Meanwhile, the candle has not yet closed but the bulls are not likely to play out. Therefore, the Avalanche price may touch the critical supports at $8.00, $7.50, and $7.00 but on the contrary, crossing above the upper boundary of the channel could meet the potential resistance levels at $11.50, $12.00, and $12.50 respectively.
AVAX/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bulls are coming back into the market as the bears failed to defend the $9.50 level. However, the $8.50 and below may come into play if the bearish momentum increases the market movement.
However, if the buyers push the market price above the 9-day and 21-day moving averages, traders may expect a retest at a $9.70 resistance level; breaking this level may further allow the bulls to touch $11.00 and above. At the moment, the 9-day MA is below the 21-day MA which could give additional bearish signals in the next negative move.
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