AVAX/USD May Find Comfort in the Bearish Zone – Cryptovibes.com – Daily Cryptocurrency and FX News
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Avalanche Price Analysis – February 20
The Avalanche price is down by 7.89% over the last 24 hours. The next support of the coin may likely come at the $75 level.
AVAX/USD Market
Key Levels:
Resistance levels: $100, $110, $120
Support levels: $60, $50, $40
AVAX/USD is falling beneath the long-term support at $80, which is now subjected to the price actions below the 9-day and 21-day moving averages over the past few hours of trading. As the bears take charge, the coin may lose momentum to the lower side of the channel along with a potential price surge. Meanwhile, the technical indicator Relative Strength Index (14) on the daily chart is bearish and continues to issue sell signals.
Avalanche Price Analysis: Avalanche (AVAX) May Fall More
According to the daily chart, if the Avalanche price decides to stay under the control of bears, the price may likely drop to the nearest supports at $60, $50, and $40. On the upside, the bulls need to push the market price above the 9-day and 21-day moving averages to reach the potential resistance levels of $100, $110, and $120.
AVAX/BTC Market: AVAX Price Keeps Moving Sideways
When compared with Bitcoin, the Avalanche market is seen ranging and within the channel where the price is expected to break below the 9-day and 21-day moving averages. Therefore, should the price cross below this barrier, the market could experience more downtrends which may touch the nearest support level of 1600 SAT and below.
On the contrary, if the bulls could gather and push the market towards the upper boundary of the channel, the AVAX price may reach the resistance level of 2400 SAT and above. More so, the technical indicator Relative Strength Index (14) confirms that the market is been controlled by the sellers as the signal line moves to cross below 50-level.
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