Avalanche struggles to break downtrend, is $20 mark possible?

  • AVAX price is below the 50 and 200 EMAs on the daily time frame.
  • The price continues its downtrend as it targets a break above the $20 range.
  • AVAX price closed in an attempt to break out of its downtrend on the lower time frame.

Avalanche (AVAX) price failed to sustain highs above the bear market’s bloodbath against Tether (USDT). The price of Avalanche (AVAX) has proven to have surged from a low of $10 to a high of $145, with many predicting that the AVAX project will have a major impact on many crypto projects. Statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have negatively impacted the market, and AVAX prices are not exempt. (Data from Binance)

Avalanche (AVAX) Price Analysis on Weekly Chart

The price of AVAX continues to fall as there appears to be no hope of a significant rebound after losing the weekly support at $25, as the price appears to reclaim support at $10 on the weekly chart.

The price of AVAX continues to hold above the key support area of ​​$10; the price of AVAX needs to break the downtrend that has been in place for several weeks. The break will see prices retest $20-25.

In order for the AVAX price to return to calm, the price needs to break out and hold above the $20 resistance to prevent the AVAX price from moving higher. If the price of AVAX continues to reject $20, we may see prices lower.

Weekly resistance for AVAX price – $25.

Weekly support for AVAX price – $15-10.

Price Analysis of AVAX on the Four Hour (4H) Chart

Four-hour AVAX price chart | Source: AVAXUSDT Tradingview.com

On the 4H time frame, the price of AVAX continued to fluctuate within a downtrend line as the price attempted to break out. This could signal a relief rally on the lower timeframes.

AVAX price is trading below the 50 and 200 exponential moving average (EMA) at $17.4, acting as resistance for AVAX price. Prices at $17.7 and $20 correspond to the resistance levels of the 50 and 200 EMAs for AVAX price. AVAX price needs to reclaim the 200 EMA to have a chance to trend towards $25-30.

Four-hour resistance for AVAX price – $20-25.

Four hour support for AVAX price – $17-15.

On-chain analysis of AVAX

AVAX On-Chain Analysis | Source: AVAXUSD Open Messari.io

While many investors and projects are building on the Avalanche network, it has had a tough time in terms of price during the bear market. AVAX prices based on on-chain data have started to ease over the past 24 hours compared to previous weeks.

Featured Image From Daily Hodl, Charts From Tradingview and Messari

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