Will Avax Coin Be Able to Halt the Selling or It Will continue?

• Avalanche coin price has declined by over 10% in 3 consecutive losing days.
• The Avax coin price has faced a strong rejection from the downward-sloping trendline.
• The recent hype of the SocialFi app boosted the price of Avalanche Coin.

The current market price of the Avax coin – $9.67

The Avalanche coin seems like ending the 3-day losing streak. In the previous 3 trading sessions, the coin has shrunk over 10%. It indicates that the price has been dominated by the bears in this time period. However, in recent times the coin price has shown a great surge. It happened because of the hype about the app SocialFI. 

Avalanche coin price after listing has surged by about 13300% in just one year of its trading journey. The coin price started its downward journey after November 2021. It has melted down over 93% since then. The Avax coin price is continuously falling with every rise.

Synopsis of the Avax Coin Chart

The Avax coin is following a declining trendline and the price has recently witnessed a huge liquidation from this trendline. The Avax coin price has breached the crucial support level of $10.50 in August 2023. It has now formed a support level near the level of $8.58. The coin price seems to form a base between this level as the price has tested this multiple times.

The Avax coin has tried to give a breakout from this resistance level but failed to do so. The price has breached that level but as the day progressed, it returned back inside the zone. It has formed a shooting star candlestick on the daily chart at the resistance level, which is a bearish sign.

The Avax coin price has formed various resistance in its downward journey. The resistance for the price is present at the levels of $11.2 and $16.06. If we consider the support levels for the coin, they present at the level of $8.58 and $6.98. It is drawn as support 1 and support 2 on the chart.

An Overview of The Avax Coin According to Indicators 

Exponential Moving Average

The Avax coin price is currently trading between the 50-day and 100-day Exponential Moving Averages. The coin price has surrendered at the 100-day Exponential Moving, as it has formed a shooting star candle on that. However, the coin price is defending the 50-day EMA level.

Relative Strength Index

The relative strength index is currently above the 50 level which is bullish. If we observe the curve of the RSI, we can say the bears have gained a strong momentum. 

Conclusion

The AVAX coin price has taken a strong resistance from the resistance level of $11.20. If the price sustains this downward level, it can move towards the $8.48 level. If the price breaks the resistance level of $11.20, it can head towards the level of $16.06. 

Technical Level

• Resistance: $11.20 and $16.06
• Support: $8.48 and $6.98

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.