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- Avalanche price is currently trading near 18-month lows
- The weekly MFI shows a price recovery, but the daily price chart tells a different story.
Avalanche (AVAX) price is underperforming since the $30 mark. However, the crypto price is still dominated by bears, as a result of which, AVAX hit the latest yearly low of $11.28 on December 19, which has turned into an immediate support. There are several bullish hurdles in between the bullish path, so the bulls will have to be careful in the coming days.
Avalanche (AVAX) on Weekly Chart
In each time frame either weekly and below, Avalanche price action shows the lower-highs trend so far. Meanwhile, bears are forming a third red candle this week, which represents 1% loss at the time. Against the ongoing bearish trend, the Money Flow Index (MFI) shows a positive scenario for investors as its peak gradually increases higher. This bullish divergence indicates that AVAX price may turn reverse from the next ideological round level of $10.
Avalanche Price has been trending sideways this week and the daily candlesticks show a tight range-bound market. Buyers should create buying pressure in the market to reverse the ongoing trend. However, AVAX coin is trading at $11.81 against USDT at the time of publication. The market capitalization is up 0.88% to $3.67 billion, falling below $4 billion.
After buyers failed to sustain the Avalanche crypto price above the 20-day moving average in mid-December, bears kept the asset below this bullish barrier. The buyers need to overcome the selling pressure as soon as possible and cross the 20 DMA. Besides, the RSI indicator is slowly rising after reversing from the oversold region.
Conclusion
Avalanche crypto price is trading in a highly sideways zone so far and the trading volume is also low. As of now, the bears seem to be tired, so this could be an opportunity for buyers to reverse the bearish trend as soon as possible.
Support level – $10
Resistance level – $14 and $20
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.
