Will There Be a Bullish Reversal at $55 Level? – Cryptovibes.com – Daily Cryptocurrency and FX News
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Avalanche (AVAXUSD) Price Analysis – January 25
The key resistance level to watch out for lies at $78, $100 and $120. A downward movement may take the price to $55 and a bearish breakout at the mentioned support level will expose the coin to the support level of $35 and $19
AVAX/USD Market
Key Levels:
Resistance levels: $78, $100, $120
Support levels: $55, $35, $19
AVAX/USD Long-term Trend: Bearish
Avalanche is under bears’ control. The coin is completing the formation of a double top chart pattern; this is a bearish chart pattern and the price is obeying the command of the price action. The bearish trend started on December 23 in the Avalanche market; it is clearly displayed when the bullish candle could not break up the resistance level of $120. More bearish candles continue to emerge and the price declined towards the $78 support level. The cryptocurrency pulled back and retested the $100 level on 12 January. At the moment the price is testing a significant support level at $55 level.
On the daily chart, sellers are dominating the market. The price action is trying to break down the support level of $55. Currently, the key resistance level to watch out for lies at $78, $100 and $120. A downward movement may take the price to $55 and a bearish breakout at the mentioned support level will expose the coin to the support level of $35 and $19. The Relative Strength Index (14) is at the 20 levels, indicating a reversal signal.
AVAX/USD Medium-term Trend: Bearish
Avalanche performance has been very bearish in the 4 hour chart; it may be because of sellers’ persistence pressure on Avalanche. In other words, the price actions remain in a downward trend for many days ago. At the moment the coin is testing a potential reversal zone at $55.
The price is slightly above 9 periods EMA and 21 periods EMA as an indication that the bulls are getting ready to take control. The Relative Strength Index period (14) is at 50 levels and the signal line pointing up to indicate a buy signal.
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