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- Avalanche price is trading inside a descending triangle pattern over the daily chart.
- The crypto asset fell below the 20, 50, 100, and 200-days Daily Moving Average.
- The pair of AVAX/BTC is at 0.0008427 BTC with an intraday gain of 7.51%.
Avalanche price got stuck inside a descending triangle pattern over the daily chart. The token falters at the lower level and is trading just above the crucial demand zone. The demand for AVAX must be fulfilled to avoid falling more into the grave over the daily chart. AVAX bulls must accumulate themselves to provide support to the AVAX coin. The token is trying to gather support inside the descending triangle pattern as it’s currently trading with slight uptrend momentum inside the pattern. AVAX investors need to wait until bulls sustain at the current level or the token provides any directional change over the daily chart.
Avalanche price is presently CMP at $25 and has gained 7.45% in the intraday trading session. In contrast, trading volume decreased by 10.42% in the intraday trading session. This shows that AVAX is facing short-selling pressure at the moment. Bears are trying to pull back and now is the time for AVAX bulls to push their limit by accumulation. The volume to market cap ratio is 0.05788.
AVAX coin price must sustain at the current level to regain the strong uptrend momentum over the daily chart. The crypto asset has fallen below the 20, 50, 100, and 200-days Daily Moving Average. These are the consequences of the ongoing bear market. The whole cryptocurrency market is at its record low and each altcoin is trying to gather forces to regain the uptrend momentum. AVAX token must attract more buyers in order to register its breakout from the descending triangle pattern. However, volume bars can be seen below average and needs to grow for AVAX to register its breakout.
What do Technical Indicators Suggest about AVAX?
AVAX coin price is trading inside a descending triangle pattern over the daily price chart. AVAX must attract a significant amount of buyers to avoid being caught inside a bearish trap. AVAX is currently trading in a crucial make-or-brake situation if AVAX bulls successfully sustain then the token may gain uptrend momentum and register its breakout. However, if AVAX fails to sustain then the token may fall below the crucial demand zone.
Technical indicators suggest the long-term bearish momentum of the AVAX coin. Moreover, the supertrend confirms the bearish momentum of the AVAX coin over the daily chart. Relative Strength Index showcases that AVAX has been below neutrality for so long and currently falters to gain steady uptrend momentum.
MACD exhibits the consolidation phase of the AVAX coin inside the descending triangle pattern. The MACD line is ahead of the signal line with a lower margin. AVAX investors need to wait for any directional change over the daily chart.
Conclusion
Avalanche price got stuck inside a descending triangle pattern over the daily chart. The token falters at the lower level and is trading just above the crucial demand zone. AVAX is currently trading in a crucial make-or-brake situation if AVAX bulls successfully sustain then the token may gain uptrend momentum and register its breakout. Technical indicators suggest the long-term bearish momentum of the AVAX coin. Moreover, the supertrend confirms the bearish momentum of AVAX coin over the daily chart. AVAX investors need to wait for any directional change over the daily chart.
Technical Levels
Support Level: $20.00 and $15.00
Resistance Level: $30.00 and $34.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
