- AVAX price continues to trend downwards as price remains bearish with price trading on key support.
- AVAX trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs.
- The price of AVAX needs to break and hold above the key resistance of $30 to resume bullish price movement.
The price of Avalanche (AVAX) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $30 against tether (USDT). The previous weeks saw the crypto market cap as good as Bitcoin (BTC) prices and other crypto assets. Still, the price of Avalanche (AVAX) continues to struggle to join the green party as the price continues in its downtrend movement. (Data from Binance)
Avalanche (AVAX) Price Analysis On The Weekly Chart.
Despite showing some great price movement in recent weeks with so many traders and investors becoming interested in the different projects being built on the Avalanche ecosystem, which could have been a huge boost for the price to trend higher but that wasn’t the case the price has struggled to trend higher than $30.
After the price of AVAX dropped to a weekly low of $15, the price rallied from this low to a high of $30, where the price faced resistance to breaking above this region to a height of $50 as the price was rejected and has since maintained a bearish price movement.
The price of AVAX bounced from $18 haven faced rejection from $22, but the price could not trend higher as the price continued to trend in a downtrend. If the price of AVAX continues in this trend, we could see the price retesting support area at $10.
Weekly resistance for the price of AVAX – $21.
Weekly support for the price of AVAX – $15.
Price Analysis Of AVAX On The Daily (1D) Chart
In the daily timeframe, the price of AVAX continues to trade above key support formed in recent weeks when the price dropped from a region of $45 to a daily low of $15.
The price of AVAX continued in its downtrend, moving in a range as the price has formed a descending triangle with what looks like a break out to the upside could be imminent.
The price of AVAX needs to rally away from key support to avoid price dropping to a low of $10 if the price breaks to the downside of the descending triangle.
The relative strength index for the price of AVAX on the daily chart shows the price being dominated by sell orders as the mark is below 50.
Daily resistance for the AVAX price – $18.
Daily support for the AVAX price – $15.
Featured Image From The Coin Republic, Charts From Tradingview Credit: Source link
