Avalanche (AVAX/USD) Market Commences Short-Term Rally Amid Bearish Trend
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Avalanche Price Prediction – August 20
AVAXUSD market commences a short-term rally amid the overall bearish trend. Following the completion of the ranging in the triangle pattern, an upward pullback is probable.
Negative momentum is indicated by the MACD (moving average convergence divergence) signal line being below the MACD line. Moreover, the red bars on the histogram indicate continued selling pressure. A tiny convergence of the lines, however, suggests that this negative trend may be about to wane. The negative momentum is being supported by the 9-day moving average, which is now above the price. However, the curve is flattening, which might indicate a reversal or stop in the current trend.
AVAX/USD Market Key Levels
Resistance: $27.210, $33.020, $41.780
Support: $21.840, $15.570, $11.860
AVAX/USD – Daily Chart
The daily chart for AVAXUSD market shows that a short-term rally has commenced.
The price of AVAX/USD has steadily declined, forming lower highs and lower lows since mid-July. The price is approaching the apex of the triangle, revealing an imminent breakout.
Support is currently at the $21.840 level, with a stronger support zone at $15.570. On the upside, a strong resistance is clearly the bearish order block in the premium zone.
What is the projection for AVAXUSD market?
In the short term, AVAX/USD is expected to experience an upward retracement. The price might break out of the descending triangle and test the $21.840 level. If this level is breached, the price could rally toward the bearish order block before encountering significant selling pressure.
Nevertheless, the broader bearish trend remains intact, and if the price fails to sustain the breakout, it could resume its downtrend, potentially testing the $15.570 support level and further down to $11.860 in the coming weeks.
AVAX/BTC Price Analysis
Since mid-April, the AVAX/BTC pair has shown a sequence of lower highs and lower lows, indicating that it is now in a downtrend. After recovering from recent lows, the price is now stabilizing close to the 0.0003520 BTC support level.
The nearest resistance is located at 0.0003770 BTC, where a declining trendline is in alignment. The price may drop much further toward the next significant support at 0.0003000 BTC if the support at 0.0003520 BTC cracks.
Avalanche (AVAX) Current Statistics
The current price: $20.540
Market Capitalization: $8,890,000,000
Trading Volume: $199,560,000
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