Avalanche (AVAX/USD) Market Diverges From Bearish Descent
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Avalanche Price Prediction – August 13
AVAXUSD market diverges from a bearish descent and begins a bullish retracement. The ongoing bullish retracement, however, is likely to end as soon as the price reaches the bearish order block around $27.210.
The Relative Strength Index (RSI) is hovering around 39.60, signaling a need for a pullback. The Simple Moving Average (SMA) of 9 periods is currently positioned around $21.320, suggesting that the short-term trend is upward. The RSI’s inability to break above 50 indicates weak buying pressure, and the proximity of the price to the SMA line underscores the prevailing downward pressure despite the ongoing retracement to the upside.
AVAX/USD Market Key Levels
Resistance: $32.490, $39.890, $50.000
Support: $18.930, $17.280, $15.000
AVAX/USD – Daily Chart
The daily chart for the AVAXUSD market signals the resumption of the bearish trend.
Examining the price action, the chart shows a clear pattern of lower highs and lower lows, a classic sign of a bearish trend. The price has recently broken down from a key support zone around $25.150, followed by a retest of the resistance level at $27.220, which aligns with the 0.618 Fibonacci retracement level.
The presence of an order block (OB) around the $27.210 zone further reinforces this area as a strong resistance. Additionally, the price failed to hold above the $32.490 resistance level and experienced a Break of Structure (BOS) around this level, which added to the bearish sentiment.
What is the projection for the AVAXUSD market?
Looking forward, the bearish projection suggests that the AVAX/USD pair is likely to continue its downward trajectory. However, the bearish move might not resume until the ongoing pullback to the upside ends, probably at the bearish order block.
The next significant support level is around $18.930, but if the selling pressure eventually persists, the price could drop further to the $15.00 level.
AVAX/BTC Price Analysis
The AVAXBTC pair is adhering to a falling trendline, indicating sustained bearish pressure. The price is currently consolidating within a descending triangle, suggesting potential for further downside. Should the price pull back to the upside, it is expected to hit the falling trendline as it keeps adhering to the downtrend.
Avalanche (AVAX) Current Statistics
The current price: $21.610
Market Capitalization: $8,460,000,000
Trading Volume: $177,040,000
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