Avalanche (AVAX) has been struggling to break above the $55 resistance level, according to the latest price analysis by Coinidol.com. The long-term analysis of the Avalanche price shows a declining trend, with the altcoin being rejected twice as buyers attempted to push the price above its previous high. The cryptocurrency reached a high of $60 before being pushed back, and is currently trading below the moving average lines at a low of $38. The altcoin’s decline could continue as it trades in the downtrend zone, but buyers may halt the slide by pushing the price above the 50-day SMA. At present, AVAX is worth $38.
When analyzing the Avalanche indicator, it is evident that AVAX is declining and may fall further as the price bars are below the moving average lines. The moving average lines are rising, suggesting previous activity even as the price falls. The 4-hour chart shows the price bars below the moving average lines, indicating a downtrend, with a bearish crossover of the 21-day SMA below the 50-day SMA. Key resistance levels for AVAX are $60 and $70, while key support levels are $30 and $20.
Looking ahead, AVAX is approaching the bottom on the 4-hour chart, with bears breaking below the moving average lines, signaling a further decline for the cryptocurrency. The altcoin is expected to test the previous low of $24, and the crypto signal is negative as AVAX falls into the bearish trend zone. It is important to note that this analysis and forecast are the personal opinions of the author and should not be taken as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their research before investing in funds.
