Avalanche Price Analysis: AVAX Price Back To $22 Support, Time To Buy?
A new descending trendline carrying the ongoing downfall has pulled the Avalanche(AVAX) price back to $22 support. If sellers continue to exert pressure, the coin price could nosedive below this support extending the fall by another 30%.
Key points:
- The AVAX falling price retest the previous lower low support of $22
- RSI divergence hints at the possibility of descending trendline breakout
- The intraday trading volume in the AVAX is $844 Million, indicating a 3.2% gain
Source- Tradingview
The AVAX/USDT pair has experienced a sharp decline in the past two months. As a result, from the last swing high of $103.53 mark, the downtrend has tumbled the altcoin by 77% and plunged it to a low of $21.47.
However, the AVAX price gives 12-30% occasional bullish pullbacks to replenish the selling momentum. In addition, the 20-day EMA continues to provide constant resistance, assisting sellers in sustaining this downtrend.
Anyhow, for the past three weeks, the AVAX price has been falling under the influence of a descending trendline. This dynamic resistance has brought the altcoin back to its current lower low support at $22, teasing another breakdown.
If sellers succeed in breaching the $22 mark with a daily candlestick closing below it. The downfall will extend 30% lower to hit the next significant support at $15.
Alternatively, a regular bullish breakout from the downsloping trendline could trigger a comparatively longer pullback.
Technical indicator
The daily-RSI slope is rising even though a constant fall in price action indicates a rise in underlying bullish. This divergence bolsters the bullish breakout from the resistance trendline,
A bearish sequence between the crucial EMAs(20, 50, 100, and 200) indicates the buyers have multiple resistance to overcome before establishing a genuine recovery. Thus, each of these EMAs could act as a viable resistance, and longer must keep a close eye on them.
- Resistance levels- $28.5, and $38.5
- Support levels- $22 and $15.2
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