Sellers Dominate Market, Targeting $100 – $78 Levels – Cryptovibes.com – Daily Cryptocurrency and FX News
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Avalanche (AVAXUSD) Price Analysis – December 29
Currently, the key resistance level to watch out for lies at $102, $135 and $148. A downward movement may take the price to $100 and a bearish breakout at the mentioned support level will expose the coin to the support level of $78 and $55
AVAX/USD Market
Key Levels:
Resistance levels: $120, $135, $148
Support levels: $100, $78, $55
AVAX/USD Long-term Trend: Bullish
Avalanche is under bears’ control. The coin is forming a double top chart pattern; this is a bearish chart pattern and the price is obeying the command of the price action. A bearish trend started on November 23 in the Avalanche market; it is clearly displayed when the bullish candle could not break up the resistance level of $135. More bearish candles continue to emerge and the price declined towards the $78 support level. The cryptocurrency retested the $135 level on December 23. At the moment the price is decreasing towards $78 level.
On the daily chart, sellers are dominating the market. The price action is trying to break down the support level of $100. Currently, the key resistance level to watch out for lies at $102, $135 and $148. A downward movement may take the price to $100 and a bearish breakout at the mentioned support level will expose the coin to the support level of $78 and $55. The Relative Strength Index (14) is moving towards the 50 levels, indicating a further downward movement.
AVAX/USD Medium-term Trend: Bearish
Avalanche performance has been very bearish in the 4 hour chart; this may be due to a persistence pressure from the sellers of Avalanche. In other words, the price actions remain in a downward trend for many days ago. The market is moving lower and this may continue unless the support level at $100 holds.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) is at 50 levels and the signal line pointing down to indicate a sell signal.
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