Avalanche Is In A Range-Bound Mode Above

The price of Avalanche (AVAX) has rallied from its low of $15.00 on February 3 to its low on March 10 before rebounding.

Avalanche price long-term analysis: bearish

The upward correction has stopped at the 21-day SMA barrier, according to the daily chart, preventing further moves higher. The altcoin has been forced to range between the $15.00 support and below the moving average lines over the past week. AVAX's positive trend will continue if buyers keep the price above the moving average lines.

Avalanche Indicator Analysis 

According to the analysis by Coinidol.com, the price bars are consolidating above the current support but below the moving average lines. The decline is highlighted by the downward sloping 50-day and 21-day SMAs. If the buyers hold the price above the moving average lines, the trend will change.

Technical Indicators:

Resistance Levels – $60 and $70

Support Levels – $30 and $20

What Is the Next Direction for Avalanche?

AVAX dropped to the bottom of the chart and retested the $15 level before rebounding. The $20 high or the 21-day SMA barrier is the first obstacle that the uptrend on the daily chart has to overcome. The altcoin is moving slowly as it keeps consolidating.  

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.