Avalanche Price Prediction: AVAX/USD Retraces Below $22.3
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Avalanche Price Prediction – November 19
The Avalanche price indicates bearish momentum as further upside has been rejected for a few hours, and bullish momentum has been lost.
AVAX/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $28, $30, $32
Support Levels: $16, $14, $12
AVAX/USD is currently hovering at $21.8 as the coin retreats toward the 9-day and 21-day moving averages. At the time of writing, the path of least resistance is still upwards, and the daily chart shows that the bulls may continue to dominate the market.
Avalanche Price Prediction: AVAX Price May Retreat to Regain the Upside
Looking at the daily chart, the 9-day moving average is hovering above the 21-day moving average as the Avalanche price is likely to touch the resistance level of $22. Meanwhile, with the look of things, AVAX/USD is not yet done with the upside and despite the drop suffered today, the market may follow the bullish movement.
From above, the daily chart reveals that the recovery may not come easy as the support will have to be sorted for above the channel. Meanwhile, a sustainable move above the upper boundary of the channel could be located at $24, which may allow for an extended recovery toward the resistance levels at $28, $30, and $32. However, an increase in selling pressure could force the Avalanche price towards the supports at $16, $14, and $12.
AVAX/USD Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, the Avalanche price is seen trading above the 9-day and 21-day moving averages. AVAX/USD has just survived the $21.8 support as the market is trying to recover from the bearish momentum. However, AVAX/USD is likely to return to the bull market if the price breaks above the upper boundary of the channel.
Meanwhile, higher resistance could be located at $26 and above, and the market may follow the uptrend if the bulls increase the pressure. On the other hand, if the bearish movement continues, the support level of $18and below could be reached and the coin may head toward the lower boundary of the channel.
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