Bitcoin and other altcoins are still being sold at greater prices, indicating that the bears will not relinquish their advantage.
Price Analysis of AVAX
Avalanche (AVAXrecovery )’s from the uptrend line was unable to break above the moving averages, indicating that bears are active at higher levels. The price is currently caught between the moving averages and the uptrend line.
Trading in such a restricted range is unlikely to last long. Because of the downsloping 20-day EMA ($83) and the RSI below 40, the bears have a slight advantage.
If the price falls below the uptrend line, the sellers may become more aggressive. After that, the AVAX/USDT pair might fall below $65, the next level of support.
If the price bounces off the uptrend line with strength, buyers will seek to push the pair above the moving averages. If they are successful, the pair’s price might grow to $90 or even $93 in the future.
Where should you submit your entry?
AVAX is currently trading at $77, near the lower half of a weekly supply zone but still above the parallel channel breached.
The amount of time AVAX price spends in this level calls the bulls’ strength into question. The arrival of Avax has failed to give the optimistic scenario a new lease of life.
The Avalanche price volume signal indicates a lack of bullish enthusiasm as the price continues to print lower settling prices within the weekly zone.
Traders expecting the AVAX price to break and retest the standard break and retest technique may be disappointed, as the price may still fall to lower levels while not totally disputing the bullish macro thesis.
The Relative Strength Index has further room to fall, indicating the bulls’ lack of interest at the time. A closing candle above $82 will render the bearish position worthless.
If this bullish event occurs, the Avalanche price possibilities of $100 and $115 will be reinstated, resulting in a 50% gain from the current AVAX price.