The price of Avalanche (AVAX) has resumed its uptrend after retracing above its moving average lines.
Avalanche price long-term analysis: bullish
The initial rally failed twice at the $23 barrier. The altcoin will resume its uptrend if it pulls back above the moving average lines and stays above them.
AVAX will reach highs of $28 to $31 if buyers push the price above the $23 threshold. The price of the altcoin is bearish today. If it declines and falls below the 50-day SMA, it will drop to $15. In other words, the altcoin will fall and start a range between $15 and below the $23 resistance level.
AVAX, on the other hand, is trading in the positive trend zone at $21.28.
Avalanche indicator analysis
It is likely that AVAX will continue to rise in a good direction as it pulls back and stays above the moving average lines. The bulls need to defend the 50-day and 21-day SMA support to prevent the altcoin from falling into the negative trend zone. A price collapse or recovery could take place if the cryptocurrency consolidates above the moving average lines.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
AVAX is currently in a sideways movement after the uptrend was halted at the $23 level. On the 4-hour chart, the price of the altcoin is fluctuating between $20 and $23.
The price movement is characterized by doji candlesticks, which cause the altcoin to move continuously in a range. The altcoin develops when the fluctuation ranges are broken.
Coinidol.com reported on April 23 that the price of Avalanche broke above the moving average lines, regaining its upside momentum. The cryptocurrency peaked at $23 but was halted.
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.