AVAX Price Prediction: Multiple Support Around $65.0 Hints More Gains; Keep Eyes On $80.0 Next

By Rekha chauhan
March 15, 2022 Updated March 15, 2022
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AVAX price edges lower with significant losses but in a relatively known trading range. The price makes consolidative moves for the second straight day. Investors seem indecisive near the vital support placed near $65.0.

  • AVAX price is trading within a familiar trading range on Tuesday.
  • Multiple support around $65.0 makes bulls hopeful for the next move.
  • The momentum oscillator’s trade with negative bias warns of aggressive bids.

AVAX price lookout for bullish reversal

Source: Trading View

On the daily chart, AVAX price remains pressured below the 50-day critical 50-day EMA (Exponential Moving Average) at $78.0. however, the price is trading inside a ‘Rectangle’ formation since January 22. The highs are capped at the swing of $ 98.77 made on February 17.

Inside the formation, the price met the support zone around $65.0 two times and resulted in an ascent of 53% and 55% respectively. This time too, AVAX price is resting near the key level. We expect the price to bounce back to test the upside hurdle placed at $80.0.

If the buying pressure continues then bulls will jump toward the initial barrier of the moving average at $78.0. Next, market participants will take out the psychological $80.0 with ease as it marks the breach of the critical 50-day EMA.

An extended buying momentum will encourage buyers to revisit the highs of March 1 at $90.98.

On the flip side, a break of the session’s low will negate the bullish arguments. On the downside, AVAX’s price will meet the support at $62.0.

AVAX price is trading in a downside channel since November 22 after recording all-time highs at $145.25. As of publication, XRP/USD is trading at $68.24, down 1.10% for the day.

Technical indicators:

RSI: The daily Relative Strength Index makes lower highs and lower lows while trading below the average line.

MACD: The Moving Average Convergence Divergence is trading below the midline with a negative bias.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
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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