Avalanche (AVAX/USD) Market Heads Downward With Potential Retracement Looming
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Avalanche Price Prediction – September 3
Avalanche market heads downward with potential retracement looming. The overall trend of the market is bearish. However, an invalidation of the previous low at $17.280 is approaching. A significant retraction to the upside is likely after the invalidation.
The chart shows the AVAXUSD pair experiencing a downward trend, with the 9-day SMA (Simple Moving Average) acting as a resistance line. The RSI (Relative Strength Index) is currently at 52.56, which is near the midpoint, indicating a balance between buying and selling pressures. This suggests that while the price has declined, there’s still room for a potential retracement.
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 the AVAXUSD market shows that the price is heading downward with potential retracement looming.
Analyzing the price action, the pair recently completed a Break of Structure (BOS) at $21.840, signaling a bearish trend continuation. The market is now testing lower levels, with significant support seen at $15.570.
What is the projection for the AVAXUSD market?
Given the current market conditions, there is a likelihood of a retracement towards the upside after the BOS. The price may revisit the $26.000 to $28.000 zone, which aligns with the order block (OB), before resuming its downward movement.
AVAX/BTC Price Analysis
AVAXBTC is showing a potential bullish reversal as it approaches the lower boundary of the order block at 0.0003770 BTC. The pair has recently broken out of the descending trendline, signaling a shift in momentum.
The RSI is hovering around 54.95, indicating that there’s still room for upward movement. A successful breakout above 0.0004320 BTC could pave the way for further gains toward 0.0004790 BTC.
Avalanche (AVAX) Current Statistics
The current price: $22.150
Market Capitalization: $9,090,000,000
Trading Volume: $166,930,000
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