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.
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.
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.
Pi Network price has crashed by over 90% from its highest level since its mainnet…
The Solana price continues to capture attention, with renewed focus coming from both analysts and…
Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…
BONK price has drawn attention once again as its chart structure hints at renewed interest…
Shiba Inu price has crashed in the past few months, moving from a high of…
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…