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Avalanche Price Analysis: AVAX Price Back To $22 Support, Time To Buy?

Avax

Published June 4, 2022

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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%.

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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

AVAX/USDT ChartSource- 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,

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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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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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