Avalanche Recovers And Rises Above $50 Again

The price of Avalanche (AVAX) has continued its uptrend and recovered above the 21-day SMA support.

Long-term analysis of the Avalanche price: bullish

The price trend has consistently held above the 21-day SMA and below the $55 resistance level. In other words, the altcoin is trading above the $40 support and below the $55 resistance level.

Yesterday, the price of the cryptocurrency is oscillating below the resistance level after failing to break the recent high. If the bulls break above the current barrier, AVAX will return to its previous high of $65. If the altcoin loses the 21-day SMA, its value will also decline. AVAX will fall above the 50-day SMA or the low of $37. At the time of writing, the altcoin is trading at $52.

Analysis of the Avalanche indicator

The cryptocurrency has been declining, although the moving average lines continue to trend north. On December 9, a bearish candlestick broke through the 21-day SMA. However, the bulls bought the dips, prompting the altcoin to continue its uptrend. On the 4-hour chart, the price bars are above the horizontal moving averages.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What is the next direction for Avalanche?

On the 4-hour chart, AVAX is trading between the $0.40 support and the $0.55 resistance. The altcoin has risen above the moving average lines but remains below the $55 level. Doji candlesticks are dominating the price action and slowing it down.

Disclaimer. This analysis and forecast are the personal opinions of the author, are not a recommendation to buy or sell cryptocurrency, and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

Source