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- The Avalanche (AVAX) crypto price lost its yearly low amid a sharp sell-off.
- After an aggressive decline, buyers kept the price of AVAX above the 20 and 50 SMA on the daily price scale.
- The market capitalization increased by 3.63% in the last 24 hours to $3.96 billion.
The recent aggressive selling has eroded the overall positivity from Avalanche Coin. Buyers recently spotted a fresh yearly low of $11.44 on Nov. 22. On the same day, traders saw bullish momentum in terms of the daily price scale, which has been driving weekly gains so far.
AVAX on 4 Hour Chart
In the 4 hour chart, the Avalanche coin has started moving upwards to recover loss. Amid price recovery, buyers pushed the crypto price above 20 and 50 simple moving averages. This value sustainability spreads the positivity among investors, now swing traders can take a step ahead to see little gain as a short-term outlook.
Against the USDT pair, AVAX crypto is trading at $12.88 mark under the press time. Although bears are trying to maintain their dominance on crypto, buyers have a trend reversing zone at 50 simple moving average (above the chart). Meanwhile, Market capitalization increased 3.63% in the last 24 hours, reported at $3.96 Billion and trading volume seems neutral at $187 Million as per CMC.
The buyers are defending the conceptual round level of $10 despite the sharp decline. Buyers are driving the crypto price towards the 20-day EMA. Buyers will have to break this immediate bullish hurdle to avoid further downside.
The RSI indicator is another positive factor for the bulls. The RSI is moving towards the semi-line. Moreover ADX is continuously rising and is seen at 38 points, showing strength in bearish trend.
Conclusion
There is no other option than the avalanche keeping the crypto price above the yearly low to avoid over-selling. No doubt the buyers got aggressive but still this bullish strength is not enough for a sustainable recovery, otherwise, any minor decline may encourage more selling in AVAX crypto.
Support level – $12 and $10
Resistance level – $20 and $30
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
