Avalanche Crashes And Threatens To Fall Below $17

The price of Avalanche (AVAX) has resumed its downtrend after briefly rising above the $19 support level. Price analysis by Coinidol.com.

Long-term analysis of the Avalanche price: bearish

During the price plunge on August 5, as reported by Coinidol.com previously, the altcoin fell to a low of $17 but recovered above the $19 support. Today, negative momentum has set in as the bears attempt to break through the $19 support. 

Nonetheless, the price indicator predicts a further decline in the cryptocurrency. During the price decline on July 1, a retraced candle approached the 78.6% Fibonacci retracement line. The retracement suggests that the altcoin will fall, but will reverse at the 1.272 Fibonacci extension or $11.00. 

In the meantime, AVAX has fallen to a low of $20 at the time of writing this article.

Analysis of the Avalanche indicator

AVAX is falling as it is rejected at the 21-day SMA. The price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall. On the daily chart, the moving average lines form a bearish crossover when the 21-day SMA falls below the 50-day SMA. This is a bearish signal.

Technical Indicators:

Major Resistance Levels – $60 and $70

Major Support Levels – $30 and $20

What is the next direction for Avalanche?

Avalanche’s price continues to fall and is approaching the current support level of $19. If the current support is broken, the altcoin could fall back to its low of $17. However, the price indication predicts a further decline to a low of $11.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/avalanche-crashes-17/