Avalanche (AVAX) Price Analysis: 2023-03-07

The price of Avalanche (AVAX) has recovered from its slump and has been driven above the moving average lines by buyers.

The price of Avalanche (CRYPTO: AVAX) has recovered from its slump and has been driven above the moving average lines by buyers.

What Happened: The altcoin fell to a low of $17.35 before recovering. Now, AVAX is up to $26 and is expected to reach a high of $28. On the upside, the current upside momentum is likely to be stalled at the high of $32.50.

On the weekly chart, the uptrend is likely to stall at the moving average lines. If the altcoin is rejected at $32.50, AVAX will come under selling pressure.

Avalanche indicator analysis

The AVAX price will rise if the price bars return above the moving average lines. On the daily chart, the altcoin will continue to rise as long as the 50-day SMA support holds. The upward correction has stalled above the moving averages. If AVAX fails to surpass the high of $26, it could fall between the moving average lines.

Technical Indicators:

Major Resistance Levels – $60 and $70

Major Support Levels – $30 and $20

What Is the Next Direction for Avalanche?

The price of Avalanche has recovered from its recent low of $17.38. The upward correction has reached a high of $26.19, but there is selling pressure at the current high.

On the weekly chart, the price indicator predicted that the cryptocurrency would continue to decline. In the meantime, the price of the cryptocurrency is oscillating below the $27 barrier.