- Avalanche coin looks in the bullish territory (indicating higher-high formation) after retesting 4-month’s lower verge.
- Bulls succeeded to sustain AVAX coin price above the 200-day moving average in the daily price chart.
- AVAX/BTC pair price is trading negative by 2.09% at 0.001823 satoshis.
The 4-hour chart’s double-bottom breakthrough failed to break through its month-long resistance at $96.49. AVAX saw a 54.8 % retracement (since January 2) and hit a 14-week low on January 24. Since the beginning of January, coins have been trading below the downward trendline, and at the time of writing, the coin is retesting the sloping trendline as a resistance.
The AVAX currency is now trading down 2.87 % at $68.98. Trading volume has increased by 12.5% in the last 24 hours to 683.2 million. However, the volume oscillator has crossed the neutral level and is currently at -16, going downward in the negative zone. The coin price is now above the 200-day moving average (blue line) but below the 20-day moving average (green line), which has been the key resistance since January. The average directional index is 35, suggesting that the coin has a weak bullish momentum.
Avax price appears to be recovering, which could attract buyers
AVAX with Bitcoin pair price has been following the downward trendline since January, just like the USDT pair. At the time of writing, the AVAX/BTC pair price is 0.00184 Satoshis, a 2.70% decrease. Now that the pair is slightly above the demand zone, bulls are attempting to hold bullish territory. The Relative Strength Index is at 43, just below the half-level of the indicator, and it is rising by an incline trendline.
The 20-day moving average once again could be an instant barrier for the bulls to overcome. Furthermore, the MACD and the signal line appeared bearish once they began to move down into the negative zone.
Conclusion
AVAX coin looks to represent the positive momentum in the existing situation. If buyers are successful in sustaining positive territory, the coin price may reach the $80 barrier in the following week.
Support level – $55and $30
Resistance level – $80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
