Bitcoin and other altcoins are still being sold at higher levels, showing that the bears are refusing to give up their edge.
AVAX Price Analysis
The recovery from the uptrend line by Avalanche (AVAX) was unable to rise above the moving averages, showing that bears are active at higher levels. Currently, the price is trapped between the moving averages and the uptrend line.
Trading in such a narrow range is unlikely to last for long. The bears have a minor advantage due to the downsloping 20-day EMA ($83) and the RSI below 40.
If the price falls below the uptrend line, selling could get more aggressive. The AVAX/USDT pair could then fall below $65, the next level of support.
Buyers will attempt to push the pair above the moving averages if the price bounces off the uptrend line with strength. If they succeed, the duo might rise to $90 and even $93 in the future.
Where should you take an entry?
AVAX is currently trading at $77, towards the lower half of a weekly supply zone and yet above the parallel channel that was breached.
The bulls’ strength is questioned by the amount of time AVAX price spends in this area. The advent of Avax has yet to signal a new lease on life for the optimistic scenario.
As the price continues to print lower settling prices within the weekly zone, the Avalanche price volume indicator suggests a lack of bullish enthusiasm.
Traders expecting the AVAX price to break and retest the typical break and retest technique may be disappointed, as the price might still fall to lower levels while not completely refuting the bullish macro thesis.
The Relative Strength Index still has room to decline, which could indicate the bulls’ lack of interest at the moment. A closing candle above $82 will invalidate the bearish situation.
If this bullish occurrence occurs, the Avalanche price scenarios of $100 and $115 will be reintroduced, resulting in a 50 percent gain from the current AVAX price.
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