Avalanche (AVAX) Price Analysis: Falling Below the Moving Average Lines

Cryptocurrency analysts of Coinidol.com report, the price of Avalanche (AVAX) is falling below the moving average lines. Long-term analysis of the Avalanche price: bearish

Cryptocurrency analysts at Coinidol.com report that the price of Avalanche (AVAX) is falling below the moving average lines.

A Long-term analysis of the Avalanche price shows a bearish outlook.

On January 28, the downtrend paused above the $32 support level. Subsequently, the bulls stepped in to buy the dips, triggering a price correction to the upside.

However, the uptrend stalled at the 21-day SMA. If the upside momentum manages to break above the moving average lines, AVAX will encounter resistance at its previous high of $45.

Conversely, if the altcoin encounters rejection at the 21-day SMA and falls below the $32 support, it will open up further declines towards the $20 level. In the interim, AVAX is confined within a range.

An analysis of the Avalanche indicator shows that the price bars are still trading below the 21-day moving average line. On the 4-hour chart, the price bars show a recent attempt to move above the moving average lines.

However, the bullish momentum stalled at the high of $36. Despite the upward correction, the moving average lines are sloping down.

Technical Indicators:

Key Resistance Levels – $60, $70

Key Support Levels – $30, $20

What’s the Next Move for Avalanche?

AVAX’s price action is below the moving average lines and may decline further. On the daily chart, selling pressure is likely to resume after the altcoin encountered resistance at the 21-day SMA.

If the current support fails to hold, AVAX will drop to the next support level at $20.